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As of the close of the second quarter, order intake for the year-to-date period stood at
Custom Equipment orders continued to grow throughout the pandemic, but
Turn-key projects require a significant amount of engineering development before a project order is received, so are often preceded by a paid Project Development Agreement (“PDA”)as aprecursor to the full
“Market conditions are such that all manufacturing industries are looking to save energy in their operations as quickly as possible. Combine that with aggressive carbon reduction targets and increases in the cost of carbon, and we find our customer’s enthusiasm for our suite of technologies and our skilled engineering continues to grow, and as a result we are now seeing record levels of order intake in all major product categories,” said
The most notable orders for fiscal 2023 so far are highlighted below.
$800,000 for aLeading European Meat Producer$1.4 million foraGlobal Nutrition Company $2.8 million for a Premium Beer Producer$1.4 million for aLeading Cereal ManufacturerOver
$4 million for aLeading Snack Manufacturer$500,000 for a Global Brewer$680,000 for a Leading Textile Manufacturer, including our first two RBT equipment projects outside ofNorth America since the acquisition of Sofame TechnologiesOver
$300,000 for a European Oil RefineryOver
$110,000 for a European Pharmaceutical Manufacturing PlantOver
$400,000 for a Global Pharmaceutical CompanyOver
$480,000 for a large Gas Processing Plant in the Middle East
ENDS
For media enquiries contact:
Marketing@thermalenergy.com
For investor enquiries:
613-723-6776
Investors@thermalenergy.com
Notes to editors
About
For more information, visit our website at www.thermalenergy.com, our investor website at investors-thermalenergy.com, or follow us on Twitter @GoThermalEnergy
Cautionary Statements
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, the timing of revenues to be received by the Company, the anticipated effects of COVID-19 on the business, backlog, and revenue, and the expectation that orders in backlog will become revenue.
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 order-intake, 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 several risks, uncertainties, and assumptions. Orders received in a fiscal year may not become revenue for the Company within such fiscal year. 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 products, and activation of products could all be delayed for several 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 and whether orders in the Company’s backlog as described above will turn into revenue 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. Readers are referred to the risk factors associated with the Company’s business as described in the Company’s most recent Management’s Discussion and Analysis available at www.SEDAR.com.
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