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DALLAS, July 28, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has been awarded a contract for multiple SCR systems to be installed on new fired heaters that are part of an olefins plant in Texas. The value of the award exceeds $4.5 million. The project is scheduled for completion by late summer 2015.
The two key olefins that are commonly produced are ethylene and propylene, which form the backbone of the petrochemicals market. Propylene, in particular, serves as the base for a number of products including plastics, automotive parts and synthetic fibers for clothing. Rising production of propane from U.S. shale formations are having a positive impact on the supply of propylene.
Peter J. Burlage, PMFG's chief executive officer said, "This is yet another example of one of our key end markets benefiting from the low cost supply of natural gas in the U.S. In fact, third-party research indicates that the U.S. could be a net exporter of propylene by 2017. This propylene production facility is located in a non-attainment region for ozone; and therefore, required to have SCR systems installed. This bodes well for our business, as we supply SCR and other associated pollution-control systems for both new construction and retrofit opportunities. We continue to believe we are still in the early stages of a multi-year expansion cycle driven by increased global natural gas consumption and increasingly stringent environmental regulations."
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
Phone: (415) 489-2198