DALLAS, Aug. 14, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq: PMFG ) today announced that it has been awarded two contracts for a combined value of $3.7 million for Skimovex oily water separation systems. These orders are part of two new offshore oil production platforms, one of which is located in the Persian Gulf and the other in the South China Sea. Both contracts are scheduled to be completed prior to June 2015. The Skimovex oily water technology is used to remove oil from water, such as refinery effluent, tankfarm drainwater, ballast water, desalter effluent, condensate, cooling water, produced water (both on- and offshore), tank draw-off and injection water.
"Our sales efforts related to identified Skimovex opportunities has become a material part of our operations in both Europe and Asia Pacific," said Peter J. Burlage, PMFG's Chief Executive Officer. "Driving the growth in the opportunities are increasingly stringent requirements for discharge water purity in combination with greater water volumes produced by the oil and gas industry. We expect this trend will continue in the future and drive incremental demand for our Skimovex product line. We are excited about the prospects for our technology in the oil and gas industry and we will continue to allocate business development talent and marketing resources to ensure we maximize our opportunity."
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.
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
