LINDON, Utah, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), a technology company which manufactures, installs and services burner management systems and other combustion technologies for the oil and gas industry, today announced that it has filed a patent application related to certain valve technologies the company is developing. This recent application represents the fifth product or technology for which the company has filed a patent application.
"We anticipate the pursuit of intellectual property will continue to play a key part in product development as we seek to bring innovative technologies to the industry," said Andrew Limpert, Chief Financial Officer of Profire. "While we don't rely on patents alone to establish or maintain our competitive advantage in the market, they do play a role in ensuring our products are protected from direct imitation. Such protection may be important as we grow and expand our product line."
The recent patent application also reflects the company's ongoing interest in developing complementary products to add to its existing product offering.
"As more wells are drilled each year, our opportunity in this large industry continues to grow," said Justin Hatch, V.P. of Business Development of Profire. "While the core of our business continues to be burner management, we do not want to miss opportunities to offer complementary technologies to our valued customers. We hope our efforts in the area of valve technologies will lead to the development of valuable products for the industry in the future. We will continue to explore technologies that have potential to expand our product offering, while pursuing intellectual property protections for such technologies as we deem appropriate."
To learn more about Profire Energy or its products, please contact Profire Energy, or visit www.ProfireEnergy.com.
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 Energy has offices in Lindon, Utah; Houston, Texas; and Edmonton, Alberta, Canada.
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 the company's development of valve and/or other technologies which could result in the expansion of its current product offering in the future, the potential benefits and protections provided by patent applications and other intellectual property protections, the company's intentions to pursue intellectual property protections in the future, and the potential growth of our industry. 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, Finance & Communications (801) 796-5127 RedChip Companies, Inc. Brendan Hopkins 1-800-RED-CHIP (733-2447), ext. 134