DALLAS, April 21, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq: PMFG ) today announced that it has been awarded two contracts with a combined value of greater than $9 million. Both contracts will be reflected within the Company's Environmental Systems reporting segment. The first contract is for a turnkey SCR system to be retrofitted into a biomass-fired utility boiler in the northeastern United States for NO x emission reductions. This project includes modifications to the existing SNCR system to enhance its efficiency. This is the fourth SCR system provided to the same end user. The second contract is for two SCR systems to be installed on a combined-cycle power plant in the Mid-Atlantic region of the United States.
Peter J. Burlage, PMFG's Chairman and Chief Executive Officer said, "The first order was made possible by our recent acquisition of substantially all the assets of Combustion Components Associates, Inc. which is now operating under the name CCA Combustion Systems and is part of our Environmental Systems reporting segment. With the expertise of CCA Combustion Systems, we have significantly expanded our combustion and air-pollution control capabilities and now have a more comprehensive solution for our customers around the world. CCA Combustion Systems can optimize the performance of the combustion process and further reduce emissions through SNCR or SCR to achieve an optimal solution. Our pipeline of opportunities for this type of work remains strong. We expect growth will be driven by new and more stringent environmental regulations, which are leading industrial and small utility-boiler owners and operators to evaluate an array of alternative fuel choices as they attempt to comply. Our broader portfolio of products also will help to leverage growth in developing economies as they are faced with air-pollution challenges and where our SNCR technology will be a key solution."
About PMFG
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.
Safe Harbor Under The Private Securities Litigation Reform Act of 1995
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 29, 2013. 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.
For Further Information 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 Shawn Severson The Blueshirt Group Managing Director, Energy Technology Practice Phone: (415) 489-2198
