SANTA FE, N.M., May 7, 2013 /PRNewswire/ -- Sigma Labs, Inc. (OTCBB: SGLB) announced today that it was awarded a contract from a Fortune 100 company who is one of the world's leading suppliers of power generation systems for land-based gas turbines. Under the contract, which Sigma Labs expect to generate up to $253,000 in revenues in 2013, Sigma Labs has agreed to apply its In-Process Quality Assurance – IPQA – technology to a new process to be used for the repair of gas turbines for power generation. Mark Cola, President and Chief Executive Officer of Sigma Labs, stated that, "The size of the gas turbine market for power generation is currently about $11B and is expected to double by 2020. Repair technology is a critical part of this market as turbine units are in service for decades and cost-effective repair of components is a top industry priority. Next-generation repair technology is critical to maintaining maximum asset uptime." Dr. Vivek Dave, Executive Vice President for Business Development of Sigma Labs, stated that, "This is an important contract for us as we seek to expand our business in the power generation industry. Our manufacturing quality assurance product, IPQA, is a key part of this recently awarded contract and we expect to significantly build on this effort with this customer in 2014."
About Sigma Labs, Inc.
Sigma Labs, Inc. has two wholly-owned subsidiaries – B6 Sigma, Inc. and Sumner & Lawrence Limited (dba Sumner Associates). B6 Sigma develops precision manufacturing solutions and advanced materials technologies, as well as R&D solutions for first-tier integrators and other commercial firms worldwide. Sumner Associates provide high-level consultants to Federal government and commercial clients seeking productive solutions for emerging and strategic development technologies. Sigma Labs has current contracts with Federal government and private industry clients to provide high-level consultants and develop technologies from their conception through the design, building, and testing of prototype systems. For more information please visit us at www.sigmalabsinc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including the risks set forth in our most recent annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Sigma Labs, Inc.