DALLAS, Jan. 22, 2015 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a $3.0 million contract for equipment to be installed as part of the replacement and upgrade of a moisture separator reheater (MSR) for a nuclear power plant in Europe. The equipment is scheduled to be delivered in the fourth quarter of fiscal year 2016. Revenue recognition will be distributed across five quarters starting in the fourth quarter of fiscal year 2015.
Peter Burlage, Peerless' President and Chief Executive Officer, commented, "This award is an example of the diverse equipment opportunities we have in the nuclear market. As we have mentioned in prior updates, the nuclear market is a steadfast and robust market with demand being driven by relicensing and upgrade work in addition to the opportunities related to new construction. As nuclear power plants are relicensed for continued operation, the investment into capital equipment improvements such as efficiency gains through an improved MSR or enhanced moisture separators, are economically feasible investments in these facilities. We have spent numerous months securing this contract and I am proud of the hard work by our global sales team. We believe we have one of the best separation technology products available to the nuclear power market and are working hard to identify and develop new opportunities."
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.
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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: Mr. Peter Burlage, Chairman, President and Chief Executive Officer Mr. Ronald 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