Thermal Energy Receives Repeat Business from World-Leading, Diversified Healthcare Company
May 12, 2014 (Source: Accesswire) — 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 a second purchase order for its GEM(R) Steam Traps from a global diversified healthcare company with annual revenues in excess of $50 billion. The most recent order, valued at approximately $120 thousand, plus the initial $161 thousand GEM(R) order from this customer announced February 18, 2014, results in a total of $281 thousand in GEM(R) orders from this customer in the last three months. The most recent order is expected to be fulfilled and revenue earned over the next six months.
“Like the initial order, this most recent order is for replacing steam traps from another manufacturer,” said William Crossland, CEO of Thermal Energy. “Both of these orders are expected to yield reductions in operating costs and carbon emissions, highlighting the differences between our GEM(R) steam trap systems and steam traps produced by other manufacturers. Importantly, with operations across the globe, this diversified healthcare company is another example of a customer that could develop into an important corporate account with further opportunities for repeat business.”
The GEM(R) steam traps from both orders combined are expected to reduce the healthcare company’s annual operating costs by approximately $275 thousand, and lower greenhouse gas emissions by approximately 964 tonnes annually, compared to the existing steam traps on site from another manufacturer.
With this order Thermal Energy’s order backlog currently stands at approximately $5.8 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.
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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.
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.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>