OTTAWA, ONTARIO - October 22, 2013 - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV: TMG), a global provider of energy efficiency and emission reduction solutions, announced today that it has received three additional GEM(R) steam trap system orders from a Fortune 500 food and beverage company.
"We are ecstatic that this leading food and beverage company continues to choose Thermal Energy to help reduce their annual fuel consumption and carbon emissions," said William Crossland, CEO of Thermal Energy. "The repeat business is a testament to the quality of our work to date and the relationship we have been able to develop. While we are pleased with these new orders, we also continue to develop additional energy efficiency projects for this important customer."
The three additional GEM orders total, in aggregate, approximately $161 thousand and represent the fifth, sixth and seventh orders from this customer. Thermal Energy expects to complete installation of the additional GEM(R) steam trap systems and recognize the revenue associated with them over the next six months.
Previously, on September 16, 2013, the Company announced it had received heat recovery and GEM orders totalling approximately $1.7 million from the same Fortune 500 food and beverage company, following an initial $300 thousand heat recovery project announced in December 2012. This food and beverage company has revenues of approximately $50 billion and more than 200,000 employees.
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.
For more information, visit our website at www.thermalenergy.com.
--------------------------------------------------------------------- |William Crossland President and |Trevor Heisler Investor | |CEO Thermal Energy International |Relations Heisler | |Inc. 613-723-6776 |Communications 416-500-8061 | |[email protected] |[email protected]| ---------------------------------------------------------------------
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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. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
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