Key Developments For American Electric Technologies, Inc.
American Electric Technologies, Inc. (AETI.O) (Consolidated Issue listed on NASDAQ Capital Market)
American Electric Technologies, Inc. Announces Management Changes
American Electric Technologies, Inc. announced that Charles M. Dauber has been appointed President and Chief Executive Officer of the Company, and Arthur Dauber has been appointed Executive Chairman of the Board of Directors. These leadership transitions are effective September 21, 2009.
American Electric Technologies, Inc. Announces Strategic Alliance In Brazil
American Electric Technologies, Inc. announced that it has entered into an alliance agreement with Five Star Services Ltda. of Macae, Brazil and Lifting Services Ltda. of Niteroi, Brazil. The newly formed AETI Alliance Group will provide full power distribution and control system design, manufacturing, and offshore services to the Brazilian offshore drilling and marine markets. The three companies have agreed to integrate their offerings and to begin the process to create a joint venture entity. AETI has allied with Lifting and Five Star Services to manufacture electrical switchgear and drives, and provide electrical services in Brazil. These products and services will be provided for oil and gas drilling, production and service vessels.
American Electric Technologies, Inc. Reaffirms FY 2008 Revenue Guidance; Comments On FY 2008 Earnings Guidance
American Electric Technologies, Inc. reaffirmed its fiscal 2008 sales guidance to exceed $63 million. Fiscal 2008 profitability will reflect a substantial improvement over fiscal 2007.
American Electric Technologies, Inc. And L-3 Westwood To Deliver Power Systems For Large Vessel Market
American Electric Technologies, Inc. and L-3 Westwood, a provider of high technology products, power systems and subsystems for government and commercial projects, announced that they have entered into multi-million dollar contracts to provide customized power delivery systems for two new-build projects for the U.S. market. L-3 Westwood has contracted AETI to develop custom-built, commercially oriented marine switchgear for the two separate projects totaling slightly more than $5 million. The projects are for end customers VT Halter Marine, a major domestic ship engineering and construction company in the U.S., and affiliates of AHL Shipping Company, a petroleum product transportation company that provides double hull tankers to the domestic petroleum industry.
American Electric Technologies, Inc. Issues FY 2008 Revenue Guidance
American Electric Technologies, Inc. announced that for fiscal 2008, it expects revenues to exceed $63 million.
