Tickers: XTSX:TMG, PINX:TMGEF
OTTAWA, ONTARIO - TheNewswire - June 10, 2020 - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV:TMG) (OTC:TMGEF) an innovative cleantech company and global provider of energy efficiency and emissions reduction solutions, has been commissioned by a leading consumer protein company to supply energy efficient equipment and engineering for a plant upgrade project.
This equipment, valued at approximately $950,000, will be used to heat process water for the plant operation producing up to 2,700 US gallons per minute of water heated from 85?F to 140?F.
This project represents one of the first orders for the Company for fiscal year 2021 thus far, it represents the Company's largest "major equipment package" order to-date (equipment and engineering only, no turn-key delivery) and it serves as Thermal Energy's premiere project with this customer.
"We are thrilled to be able to kick-off the year with this substantial equipment and engineering order, and to be able to supply our energy efficiency technology and expertise to a consumer protein company that mirrors our own commitment to the environment, and is dedicated to sustainability, is extremely gratifying," said William Crossland, CEO of Thermal Energy.
"To be in the position to continue providing support, systems, and solutions to essential industry all around the world during these challenging times, is a testament to the dedication of our team, the reliability of our best-in-class products and services, and the value we provide our customers."
"We endeavour to keep improving and adapting our business to the changing circumstances, and emerge from this challenging period in as strong a position as possible, and this substantial order to start off the year is a strong indication that our efforts are paying off."
The project is expected to be completed and revenue earned within six months.
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Devin Crockett or Liz Fisher
Thermal Energy International Inc.
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President and CEO
Thermal Energy International Inc.
About Thermal Energy International Inc.
Thermal Energy International Inc., ranked as one of Canada's Top Growing Companies in 2019, is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include: GEM(TM) - Steam Traps, FLU-ACE(R) - Direct contact condensing heat recovery, HEATSPONGE - Indirect contact condensing heat recovery systems, and DRY-REX(TM) - Low temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, U.K., with sales offices in Canada, UK, USA, Germany, Poland, Italy and China. TEI's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services and the timing of revenues to be received by the Company. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated.
Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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