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DALLAS, Nov. 4, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a contract with a value of approximately $4.3 million (26.3 million RMB) for our separation technology. The order was for a variety of 2-phase and 3-phase separators to be installed in the Ningxia Shenhua Coal Chemicals Group coal-to-liquids conversion facility in Ningdong, China. In the coal-to-oil process, coal is exposed to steam and air under high temperature and pressure, which produces gases consisting mostly of carbon monoxide and hydrogen. This syngas can then be processed into high value liquid fuels and chemicals. With a scheduled delivery date in the summer of 2014, revenue will be recognized across fiscal years 2014 into 2015, with the majority of the revenue in FY2014
Peter J. Burlage, PMFG's chief executive officer said, "We continue to expect the power generation, natural gas value chain, chemical and the refinery markets to be key drivers for our company. We have made a significant investment in China and believe that market presents a significant opportunity for our company. This order is our first major coal-to-oil conversion project and demonstrates the exciting opportunity for us in the region."
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.
CONTACT: For Further Information Contact:
Mr. Peter J. Burlage, Chief Executive Officer
Mr. Ronald L. McCrummen, Chief Financial Officer
14651 North Dallas Parkway, Suite 500
Dallas, Texas 75254
Phone: (214) 357-6181
Fax: (214) 351-4172
The Blueshirt Group
Managing Director, Energy Technology Practice