DALLAS, Sept. 18, 2012 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced it was awarded a contract by the U.S. Navy's Naval Surface Warfare Center, Carderock Division (NSWCCD) to provide the air inlet moisture separation/filtration systems to replace the existing systems on the Arleigh Burke (DDG 51) class. The five-year, multiple-award, indefinite delivery, indefinite quantity firm-fixed-price contract could have a potential value of approximately $13.7 million, if all options are exercised. This order value will be added incrementally to the Company's backlog as purchase orders are released under the contract. The new combustion intake air filtration systems, which protect the ship's gas turbines, are being procured in order to replace the existing intake filtration systems which are two-stage flat panel arrangements. Since 1985, PMFG has provided the U.S. Navy with air inlet moisture separation/filtration systems on a wide variety of Naval and Coast Guard ships. The DDG destroyer class of ship is known as the backbone of the U.S. Navy fleet. The NSWCCD is the Navy's leading maritime technology authority and oversees full life-cycle support for maritime technologies. The division is a leader in surface and undersea vehicle science, ship systems and related maritime technology and serves as a major technical component of the Naval Sea Systems Command. Peter J. Burlage, Chief Executive Officer, stated, "For more than 25 years PMFG has supported the technology needs and advancements of the Naval Surface Warfare Center, Carderock Division. We are fully committed to providing technical expertise and innovation to enhance the Navy's maritime capabilities and supporting the Navy's critical missions." About PMFG We are a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. We primarily serve the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, we market our systems and products worldwide. Additionally, PMFG provides its advanced technologies aboard military ships for many countries around the globe. From multi-stage filtration and separation systems that protect gas turbine air-intakes some of which include radar absorbing composite louvers, and Silencing equipment on today's most advanced navy vessels, PMFG maintains its position at the forefront of marine technology.
The PMFG, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5676Safe 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 to be materially different from those expressed or implied by such forward-looking statements. The words "anticipate," "preliminary," "expect," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for these 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 to differ materially from the anticipated results expressed in these forward-looking statements. The risks and uncertainties that may affect the Company's results include the growth rate of the Company's revenue and market share; the receipt of new, and the termination of existing, contracts; the Company's ability to effectively manage its business functions while growing its business in a rapidly changing environment; the Company's ability to achieve financial and nonfinancial covenants and requirements of our debt agreements; the Company's access to additional capital; the Company's ability to adapt and expand its services in such an environment; the quality of the Company's plans and strategies; and the Company's ability to execute such plans and strategies. 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 Securities and Exchange Commission, including the information under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2012. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of other 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 of this release. 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: PMFG, Inc. Peter J. Burlage, Chief Executive Officer Ronald L. McCrummen, Chief Financial Officer (214) 357-6181 Fax: (214) 351-4172 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 or Cameron Associates Kevin McGrath (212) 245-4577 Kevin@cameronassoc.com