OTTAWA, ONTARIO - September 16th, 2013 - Thermal Energy International Inc. (TSXV: TMG) ("Thermal Energy" or the "Company"), a leading provider of custom energy efficiency and emission reduction technologies to energy intensive industries and institutions worldwide, today announced that it has received two heat recovery system orders and one GEM(R) steam trap system order from a Fortune 500 food and beverage company. The three orders total, in aggregate, approximately $1.7 million and represent the second, third and fourth orders from this customer. Both the heat recovery and GEM(R) steam trap systems are expected to be installed and revenue earned over the next nine months.
On December 14, 2012 Thermal Energy announced it had received a $300,000 order for a heat recovery system at the same Fortune 500 food and beverage company and further that Thermal Energy was working on a number of additional sites developing both heat recovery systems and steam trap solutions for this Fortune 500 company. These orders are a result of the previously announced development work for this client, and Thermal Energy continues to develop additional heat recovery and GEM(R) steam trap projects at multiple additional sites for this global food and beverage customer. This company has revenues of approximately $50 billion and more than 200,000 employees.
"These follow on orders are evidence of the strong performance of our initial project with this customer and we are pleased to be working closely with them to achieve their environmental sustainability goals" commented William Crossland, President and CEO of Thermal Energy. "Targeting large global companies such as this one is a key part of our sales strategy to leverage initial sales and trial activities across multiple customer locations thereby shortening the sales cycle and increasing order volume."
The heat recovery and GEM(R) steam trap projects announced today are calculated by Thermal Energy to reduce the annual fuel consumption at each site by between 10% and 14%, reduce carbon emissions by approximately 4,000 tonnes annually (equivalent to removing 833 cars from the road) and recover approximately 4 million US gallons of water annually. These projects, which have an expected life of 20 years, are projected by Thermal Energy to provide the customer approximately $400,000 in annual savings from reduced fuel use alone.
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, UK, United States, Italy and China. To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
For more information, please contact:
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 and statements about the expected environmental effects and cost savings associated with the Company's products 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. Additional heat recovery and GEM(R) steam trap projects being developed by the Company may not result in orders for 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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