DALLAS, Feb. 4, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded contracts with a combined value of approximately $7.5 million for Selective Catalytic Reduction ("SCR") systems for three natural gas-fired power plants located in the United States.
The first order is for the design and supply of three SCR systems to be installed at a new 1300-megawatt domestic, combined-cycle power-generation plant being built in the central Atlantic region of the United States. SCR systems are utilized to reduce Nitrogen Oxide ("NOx") emissions from the exhaust of the combustion turbine. The equipment is scheduled to be delivered in the spring of 2014, with catalyst delivery in mid-year 2015.
The second and third orders are aftermarket sales of SCR equipment, including new catalysts at a combined-cycle power plant in Texas and a simple-cycle catalyst in Southern California. Both of these aftermarket projects are scheduled to be delivered mid-summer of 2013.
Peter J. Burlage, PMFG's chief executive officer, said, "These project wins for our Environmental Systems business support our view that new build activity in the domestic power-generation market will likely be the primary source of power generation plants for many years to come. The aftermarket opportunities will be more frequent in the coming years as natural gas-fired power plants operate units at full capacity or are repowering existing facilities to take advantage of the low-cost fuel source. These project awards represent a significant addition to our Environmental Systems backlog, and we look forward to their successful completion and timely delivery to our customers."
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. These risks and uncertainties include the Company's ability to raise additional capital and to execute its plans and strategies. 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 30, 2012. 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. 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 J. Burlage, 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 Kevin McGrath Managing Partner Cameron Associates (212) 245-4577 Kevin@cameronassoc.com