DALLAS, Jan. 12, 2015 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a $4.5 million contract for two SCR and CO/VOC oxidation systems for two CCGT power generators to be installed in the New England region in early 2016. The equipment will be part of a new quick start combined cycle power plant and reduce NOX emissions by more than 90%. The Company expects to recognize revenue related to the power generation project over the balance of fiscal year 2015 and the first three quarters of fiscal year 2016.
Peter Burlage, Peerless' president and chief executive officer, commented, "As we highlighted in our previous conference calls, we expect the global power generation market to remain a key driver for our company. This contract is certainly representative of the opportunities available to us and I am encouraged by the recent activity in the sector."
Mr. Burlage continued, "Our equipment is specifically designed for the next generation North American power plant. Newer combined-cycle plants are now designed for rapidly changing power demand due in part to increased wind and solar power generation sources. Peerless' SCR systems has been enhanced to provide a startup cycle that takes a fraction of the time of our previous generation systems for these newer load following combined-cycle power plants."
PMFG is a leading provider of custom-engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. PMFG primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, PMFG markets its systems and products worldwide.
Safe Harbor Under The Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Other important information regarding factors that may affect the Company's future performance is included in the public reports that the Company files with the SEC, including the information under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 28, 2014. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
CONTACT: For Further Information Contact: Mr. Peter J. Burlage, Chairman, President and Chief Executive Officer Mr. Ronald L. McCrummen, Chief Financial Officer PMFG, Inc. 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 Phone: (214) 357-6181 Fax: (214) 351-4172 www.peerlessmfg.com or Mr. Shawn Severson, Managing Director, Energy Technology Practice The Blueshirt Group Phone: (415) 489-2198 firstname.lastname@example.org