Titan Energy Worldwide Expands Service Departments in Minneapolis and Miami New Hires Support the Company's 50% Year Over Year Growth in Service Revenues
MINNEAPOLIS, Aug. 6, 2012 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company is expanding its rapidly growing service program through the hiring of new sales and administration personnel. Four new sales and support professionals will work in the Minneapolis office while the Company's Miami office will add a new service sales manager. These hires will support the service division's growth, the Company's new service offerings and its overall customer service capabilities.
Much of the recent growth in service revenues is due to a broad expansion of the Company's national accounts service business with major retail operators across the United States. National accounts revenues have grown from less than $50,000 a month at the beginning of 2012 to more than $270,000 a month in July.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "Recent events from storms to heat waves have dramatically demonstrated the importance of reliable onsite back up power at all levels of our economy. The need for a reliable service program to ensure these vital power systems work properly when needed is critical. Titan Energy is dedicated to providing the technology, expertise and rapid customer service that will help companies deal more effectively with power failures and natural disasters.
"We have demonstrated 50% year over year growth in our service division, averaging nearly $600,000 a month in May and June this year compared to $400,000 for the same months in 2011. We believe now is the time to invest in qualified professionals so that we can continue and even improve on this growth trend. Our goal is to be a leader in onsite power generation nationwide, a position we will achieve due to our technological offerings and our dedication to excellent customer service. We believe the opportunities for our services in the marketplace are relatively untapped.
"We have taken what I believe is a clear leadership position in the marketplace through a number of unique offerings in our service program. Our Power Asset Management program offers national support on audits, repairs, maintenance and remote monitoring. Our SmartPower program was designed to support customers who enroll their onsite power in utility peak shaving programs. We believe we are one of the few companies dedicated to helping customers meet the new Environmental Protection Agency (EPA) or RICE NESHAP requirements on onsite power generation. Finally, we have developed what we believe is the most advanced and versatile onsite power monitoring offering on the market, capable of managing fleets of generators throughout the nation. These programs and our commitment to future developments make Titan a company dedicated to offering the finest solutions in support of our customers' vital onsite power systems."
About Titan Energy Worldwide, Inc.
Since its founding, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. From emergency and backup power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com.
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.
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