(via Thenewswire.ca)
OTTAWA, ONTARIO / TheNewswire / October 29, 2015 - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors world-wide, has been engaged by a group of hospitals for a new multi-site project (the "Project") valued at approximately $1.5 million. The Project includes the installation of two heat recovery systems and the Company's venturi orifice designed GEM steam traps. The Company has received an initial purchase order for approximately $650 thousand, representing 100% of the total value of the GEM steam traps and a 35% deposit for the heat recovery systems. The Project is expected to be completed and revenue earned over the next six months.
"This is a great example of our focus on cross-selling our products to customers with multiple sites," said William Crossland, CEO of Thermal Energy. "We first sold our GEM steam traps to this customer about three and a half years ago. In January of this year, we announced an order for a heat recovery system for one of the three hospitals in the group. Once this new Project is completed, we will have installed heat recovery systems at each of the three hospitals and have fully converted two of them over to our more efficient GEM steam traps. The third hospital is not a candidate for our GEM steam traps since they use low-pressure hot water."
The Project will recover the energy from the waste heat generated in the flue gases at the remaining two of the customer's three hospitals. The waste heat will be used to generate hot water for use in hydronic heating, domestic hot water and boiler make up. The Project will also increase the efficiency of the existing steam system at one of the hospitals by fully converting its steam traps over to the Company's GEM steam traps.
The Project is expected to provide the hospital group with an estimated $476,000 in additional annual savings, resulting in a payback period of approximately 3.2 years. In total, the Company's products (including the heat recovery system announced on January 29, 2015) are expected to reduce the hospital group's annual energy consumption by approximately 23%.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors worldwide. 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 also a fully accredited professional engineering firm, and can offer advanced process and applications engineering services.
By providing a unique mix of proprietary products together with process, energy, environmental, and financial expertise Thermal Energy is able to deliver unique and significant financial and environmental benefits to our customers.
Thermal Energy's products include; GEMTM - Steam traps, FLU-ACE(R) - Direct contact condensing heat recovery, and Dry-RexTM - Low temperature biomass drying systems.
Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Italy and China. The Company's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
For more information, visit our website at www.thermalenergy.com and follow us on Twitter at http://twitter.com/GoThermalEnergy.
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
bill.crossland@thermalenergy.com
Trevor Heisler
Investor Relations
Heisler Communications
416-500-8061
trevor@heislercommunications.com
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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. 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 backlog 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. Orders in the Company's backlog as described above may not turn into revenue due to many factors, some of which are outside of the Company's control, including but not limited to the Company's ability to deliver products on time and in accordance with specifications 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.
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