LINDON, Utah, March 21, 2013 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), which manufactures, installs and services burner management systems and other combustion management technologies for the oil and gas industry, today announced that it has filed a patent application related to a current R&D initiative.
The patent application pertains to a valve-train-related project that is currently being developed by the company; one of the five projects announced by the company earlier this year.
"We believe this application could result in a number of patents—perhaps as many as nine—within the next year," said Justin Hatch, VP Business Development at Profire. "As we continue to develop new technologies for the oil and gas industry, we are keenly aware of the importance of protecting such technologies. To that end, we anticipate additional patent applications this year as we pursue valuable advancements for the industry."
This marks the fourth patent application filed by the company in the last 12 months, with more applications expected later this year.
About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient transportation, refinement and production of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent EPA standards and enhanced margins with their energy production processes, Profire Energy's burner management systems are increasingly becoming part of their solution. To learn more about the company's products and services, please visit www.profireenergy.com. Profire has offices in Lindon, Utah; Houston, Texas; and Edmonton, Alberta, Canada.
The Profire Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13229
Cautionary Note Regarding Forward-Looking Statements. Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements including, but not limited to statements regarding a valve train technology the company is developing, the status and timing of current and potential future applications for intellectual property protection in connection with this project and the importance of such protections. All such forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the Company's periodic reports filed with the Securities Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.
CONTACT: Profire Energy, Inc. Andrew Limpert, CFO (801) 796-5127 Profire Energy, Inc. Nathan McBride, Investor Relations (801) 796-5127