DALLAS, Aug. 24, 2011 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that its wholly-owned subsidiary in Singapore, Peerless Asia Pacific Pte. Ltd., ("PAP"), has received an award for approximately $2 million for skid mounted filtration equipment from a multinational compressor manufacturer in Malaysia. The equipment is expected to be delivered in the spring of 2012 for installation at a Liquid Natural Gas production facility in Brunei.
This Process Products order will be performed and managed locally by PAP in support of the customer's needs. PAP is the operating company that manages and conducts business in Asia and Australia for PMFG, except for China, which is managed by Peerless Manufacturing (Zhenjiang) Co., Ltd ("PMZ"). PAP is staffed with all of the resources needed to function as a standalone operating company, including sales, engineering, project management and general management. PAP utilizes regional suppliers that it developed while serving as the Peerless regional sales office in Singapore for the past fifteen years.
Peter J. Burlage, Chief Executive Officer, stated, "We are pleased to have received this order for our process products segment. Our strategy has been to increase our addressable market opportunities throughout the energy and process industries by capitalizing on opportunities where purchase decisions are being made, which has been instrumental in increasing our level of international business activity. By consolidating and strengthening our sales and marketing efforts, we believe we are well positioned to further penetrate the large and active markets in both China and in the surrounding region. Additionally, our Chinese manufacturing operation, PMZ, has just completed its second year of operation and it has successfully delivered both Peerless and Burgess Manning designed systems to customers in China and other Asian countries for use in natural gas pipeline, nuclear power plant and other energy related applications. Our facility in China and our office in Singapore are each expected to play an increasingly important role going forward as we expand in the Asia-Pacific region."
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.
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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 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 non-termination of existing, contracts; the Company's ability to effectively manage its business functions while growing its business in a rapidly changing environment; risks associated with the Company's acquisition of Nitram Energy, including the significant indebtedness that the Company incurred in connection with the acquisition; 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, 2010. 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, including additional conversions of the Company's Preferred Stock or the status of specific orders or contracts, except to the extent 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: Mr. Peter J. Burlage, Chief Executive Officer Mr. Ronald L. McCrummen, Chief Financial Officer PMFG, Inc. 14651 North Dallas Parkway, Suite 500 Dallas, Texas 75254 Phone: (214) 357-6181 www.peerlessmfg.com or Kevin McGrath Cameron Associates (212) 245-4577 Kevin@cameronassoc.com