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DALLAS, Feb. 19, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that its subsidiary company Peerless Europe Ltd. has been awarded two contracts from an Italian EPC contractor for equipment to be installed in the Ourhoud field in Algeria. The equipment consists of a production separator for the separation of oil, water and gas, as well as our Skimovex water processing equipment. The project orders have a combined value of over $7.0 million. The products will be installed in an oil refining facility within the next year.
Peter J. Burlage, PMFG's Chairman and Chief Executive Officer said, "This project is a great example of the opportunity we have in the upstream segment for conventional wells. The extraction of oil and natural gas produces a significant quantity of associated water that needs to be managed and processed. This creates yet another opportunity for our traditional separation equipment, which is then further processed using our Skimovex product to reduce contaminates in the water stream. We expect the demand for our technology in water processing and cleaning by the energy sector will continue to grow as key markets such as the Middle East, Northern Africa and Asia further develop oil and gas assets with a greater focus on produced water management."
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, Chairman and 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
Phone: (415) 489-2198