Titan Energy Worldwide Reports Bookings for Equipment Sales Reach Record High for 2009
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MINNEAPOLIS, MN, Jun 01 (MARKET WIRE) --
Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in the
manufacturing, marketing and servicing of energy generation products and
services, today reported record results in May for equipment bookings and
new service contracts by the Company's operational subsidiary, Titan
Energy Systems.
The Company reported approximately $608,000 in equipment bookings, a
monthly high for 2009, and an increase of 37% over March, previously the
highest month in 2009. Bookings indicate a contract with customers to
order equipment which will then be delivered and reported as revenue in 2
to 4 months.
The Company also reported that the value of new service contracts reached
a record high for 2009 with approximately $190,000 of new contracts in the
month of May, a 40% increase over April, which had been the previous
record month. Monthly new service contracts in 2009 are now nearly double
the average monthly figures reported during 2008.
Tom Vagts, Chief Operations Officer of Titan Energy Systems, stated,
"These impressive results for May demonstrate that Titan Energy continues
to operate strongly, even during these challenging times. Customers are
trusting in Titan to provide and service the power systems that support
their critical operations. We believe this is a good sign that we will
have strong third and fourth quarters."
Kyle Gillett, Service Manager for Titan Energy Systems, stated, "We have
been experiencing strong growth in new service contracts for several
months now. At this rate, we expect to surpass total numbers for 2008
within the next few months. We have been gaining the attention and trust
by many of the larger regional and national customers, a testament to the
quality of work and commitment that our service team delivers."
About Titan Energy Worldwide, Inc.
Titan Energy is a leader in the manufacturing, marketing and servicing of
energy generation products and services, including development and support
for new energy-related technology. Founded in 2005, Titan combines
engineering expertise, established sales and distributorships, service
operations and unique strategic partnerships to meet the growing global
demand for clean, efficient, energy solutions. Titan serves disaster
recovery first responders, relief agencies, homeland security, the
department of defense and municipalities. For more information, visit the
company's website at: www.titanenergy.com.
Forward-Looking Statements
Investors are cautioned that certain statements contained in this document
as well as some statements in periodic press releases and some oral
statements of TEWI officials are "Forward-Looking Statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). Forward-looking statements include statements which are predictive
in nature, which depend upon or refer to future events or conditions,
which include words such as "believes," "anticipates," "intends," "plans,"
"expects," and similar expressions. In addition, any statements concerning
future financial performance (including future revenues, earnings or
growth rates), ongoing business strategies or prospects, and possible
future TEWI actions, which may be provided by management, are also
forward-looking statements as defined by the Act. Forward-looking
statements involve known and unknown risks, uncertainties, and other
factors which may cause the actual results, performance or achievements
of the Company to materially differ from any future results, performance,
or achievements expressed or implied by such forward-looking statements
and to vary significantly from reporting period to reporting period.
Although management believes that the assumptions made and expectations
reflected in the forward-looking statements are reasonable, there is no
assurance that the underlying assumptions will, in fact, prove to be
correct or that actual future results will not be different from the
expectations expressed in this report. These statements are not
guarantees of future performance and TEWI has no specific intention to
update these statements.
For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
619-988-5869
Email Contact
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