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|Peerless Mfg. Co. European Subsidiaries Awarded Three Contracts for a Combined Value of Approximately $8 Million for Separation and Industrial Silencing Equipment|
DALLAS, Aug. 1 /PRNewswire-FirstCall/ -- Peerless Mfg. Co. (Nasdaq: PMFG) announced that its subsidiaries, Peerless Europe Limited and Burgess-Manning Europe, Ltd., were awarded three independent contracts with a combined value of approximately $8 million to design and supply separation / filtration and industrial silencing equipment.
Peerless Europe Limited was awarded a contract valued at approximately $2 million for the supply of gas/liquid separation equipment for application in the cryogenic liquefaction cycle of an LNG plant in Algeria. The equipment is scheduled for delivery in the second and third quarters of fiscal year 2009.
Burgess-Manning Europe, Ltd. was awarded a contract valued at approximately $3.6 million for the design and supply of separation systems required for a gas pipeline extension project in Algeria. The separation systems will include valves, instrumentation and controls and will be utilized to separate both oil and water from gas. The equipment is scheduled for delivery in the second quarter of fiscal year 2009.
Additionally, Burgess-Manning Europe, Ltd. was awarded a contract valued at approximately $2.3 million for the design and supply of pressure relief and start-up vent valve silencers for a gas to liquids project in Qatar. The silencers are scheduled for delivery in the third quarter of fiscal year 2009.
Peter J. Burlage, Chief Executive Officer of the Company, stated, "The global need to increase natural gas processing capacity and to upgrade existing facilities to process a more natural gas, combined with the need to perform these tasks in an environmentally sensitive way, is continuing to provide us opportunities to grow. The Peerless and Burgess-Manning brands are well regarded in the international gas transmission markets, and we are excited about the breadth of products these two businesses can offer our installed and expanding customer base."
About Peerless Mfg. Co.
Peerless Mfg. Co. is engaged in the business of designing, engineering, manufacturing and selling highly specialized products used for the abatement of air pollution and products for the separation and filtration of contaminants from gases and liquids. The Company headquartered in Dallas, Texas, markets its 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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, 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. You should not place undue reliance on these statements which only speak as of the date of this release. 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 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. The risks and uncertainties that may affect the operations, performance, development and results of the Company include: the growth rate of the Company's revenue and market share, the consummation 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, the Company's ability to adapt and expand its services successfully; the quality of the Company's plans and strategies; and the Company's ability to execute its 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 in Item 1.A, "Risk Factors" of Part I to our Annual Report on Form 10-K for the fiscal year ended June 30, 2007. 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. 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.
For Further Information Contact: Mr. Peter J. Burlage, Chief Executive Officer Mr. Henry G. Schopfer, Chief Financial Officer Peerless Mfg. Co. 14651 North Dallas Parkway Suite 500 Dallas, Texas 75254 Phone: (214) 353-5545 Fax: (214) 351-4172 http://www.peerlessmfg.com or Kevin McGrath Cameron Associates (212) 245-4577 Kevin@cameronassoc.com SOURCE Peerless Mfg. Co. -0- 08/01/2008 /CONTACT: Mr. Peter J. Burlage, Chief Executive Officer, or Mr. Henry G. Schopfer, Chief Financial Officer, both of Peerless Mfg. Co., +1-214-353-5545, fax, +1-214-351-4172; or Kevin McGrath of Cameron Associates, +1-212-245-4577, Kevin@cameronassoc.com, for Peerless Mfg. Co./ /Web site: http://www.peerlessmfg.com / (PMFG) CO: Peerless Mfg. Co.; Peerless Europe Limited; Burgess-Manning Europe, Ltd. ST: Texas, Algeria, Qatar IN: OIL CHM ENV SU: CON RA-CW -- LAF026 -- 3016 08/01/2008 09:21 EDT http://www.prnewswire.com