OTTAWA, ONTARIO / March 20, 2014 / Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV: TMG), a global provider of energy efficiency and emission reduction solutions, announced today that over the last nine months its GEM(R) steam trap product has made strong inroads into the tire manufacturing industry in India. With its most recent purchase order, the Company has received orders totaling approximately $159 thousand from tire manufacturers in India in fiscal 2014 to date. The most recent order is expected to be fulfilled and revenue earned over the next three months.
"We have now had multiple orders through a local distributor in the Indian tire manufacturing market," said William Crossland, CEO of Thermal Energy. "With their enhanced efficiency and reliability, it is no wonder that our GEM(R) steam traps are the steam trap of choice for many tire manufacturers. Our traps are the low hanging fruit for tire manufacturers in India and around the world looking to improve their steam operations, thereby realizing significant energy savings and reducing their greenhouse gas emissions."
Thermal Energy has proven expertise installing GEM(R) for the production of automobile, off-road vehicle, racing, and truck tires; bicycle inner tubes; as well as for remoulds. Made of stainless steel and having no moving parts, the GEM(R) Trap is ideal for demanding applications of tire manufacturing because it performs reliably under the highest steam pressures. In addition, GEM(R) Traps increase product quality by effectively maintaining desired temperatures through the constant extraction of condensate from the system. Increased product quality reduces wastage, and enables manufacturers to increase their bottom line and conserve environmental resources.
With the most recent order, Thermal Energy's order backlog currently stands at approximately $7.7 million of which approximately $0.5 million is related to long-term contracts and is not expected to be reflected in revenue within the next 12 months. Thermal Energy includes in "order backlog" all purchase orders received for product or services that have not yet been reflected as revenue in the Company's published quarterly financial statements.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an innovative cleantech company providing a variety of proprietary and proven energy efficiency, emission reduction, water efficiency, and bioenergy products and solutions to the industrial, commercial and institutional markets worldwide. Thermal Energy is also a fully accredited professional engineering firm, and can offer advanced process and applications engineering services. By providing a unique mix of proprietary products together with process, energy, environmental, and financial expertise Thermal Energy is able to deliver significant financial and environmental benefits to its customers.
Thermal Energy's products include; GEM(R) - Steam traps and condensate return systems, FLU-ACE(R) - Direct contact condensing heat recovery, and Dry RexTM - Low temperature biomass drying systems. These award winning products are effective in a wide variety of industries and application and have an excellent track record of longevity, proven reliability and performance providing significant energy savings, reduced GHG emissions, improved water efficiency, lower maintenance costs, improved product quality and increased production efficiency. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Italy and China.
President and CEO
Thermal Energy International Inc.
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This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services and the timing of revenues to be received by the Company. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's backlog are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Orders in the Company's backlog as described above may not turn into revenue due to many factors, some of which are outside of the Company's control, including but not limited to the Company's ability to deliver products on time and in accordance with specifications and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
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Release ID: 37076