FORT LAUDERDALE, Fla., March 1, 2011 /PRNewswire/ -- I am writing to you at a time when I believe our company is on the cusp of a new and exciting era of growth. It promises to be unlike any period in our company's history, as our past achievements in research and development are rewarded by growing commercial demand for our proprietary Voraxial® technology. Our focus on both product and market development should provide us with a foundation for continuing revenue growth. An increasing pace of orders and inquires from major corporations along with invitations to present the Voraxial® technology at prestigious industry events, are evidence of the emergence of EVTN's Voraxial Separators as an accepted solution in the multi-billion dollar separation industry.
In the past three years we have successfully transitioned from an R&D company to a revenue generating company. During this period our revenues have gradually increased as awareness of the technology grew. Although our fiscal year 2010 financials have not been finalized, we estimate over a 35% increase in revenues from our 2009 fiscal year. Revenues in 2010 were primarily derived from the oil & gas exploration and production industry with additional revenues from the mining, and oil spill markets.
This revenue growth is accelerating in 2011 as supported by purchase orders already received and customer requirements under discussion. Again, the revenues in the upcoming year are primarily derived from the oil & gas exploration and production market. We are forecasting a 250-300% increase in revenues for fiscal year 2011 as compared to 2010. In fact, our current order backlog is already 150% greater than our revenues for the entire 2010 fiscal year. With the forecasted increase in revenues, we expect margin expansion that will result in profitability in 2011. Based on the inquiries and discussions we are currently having with oil companies, oil service companies and our representatives, we believe our revenues will continue increasing year over year in 2012.
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