Titan Energy Worldwide Receives $1.4 Million in Orders for RICE NESHAP Modifications Company introduces unique monitoring control system for EPA requirements and onsite power management
MINNEAPOLIS, March 11, 2013 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that it has received purchase orders totaling more than $1.4 million for EPA required modifications on peak shaving generators. The orders will be completed between now and August 2013.
"Titan Energy has positioned itself as one of the few companies that can provide the modifications required by the EPA on power generators utilized in demand response programs, and to date we have received more than $1.4 million in purchase orders from customers in the Southern Minnesota area," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.
The new EPA modifications, set forth in a ruling called RICE NESHAP, were signed on January 14, 2013 in an effort to reduce emissions from onsite power generator that are run in peak shaving or demand response programs. Diesel generators enrolled in these programs have until May 3, 2013 to comply with RICE NESHAP, while gaseous engines have until October 19, 2013 to make necessary modifications. Titan Energy continues to take on new orders as companies and government institutions file extensions to comply with the new standards.
"The RICE NESHAP standards also require these generators to be monitored and the data be stored and made available upon request. We at Titan Energy realized that for many generator owners this task of monitoring, saving and reporting on this data to the EPA could be a difficult task to maintain. We have created a monitoring program that automates the entire process for the generator owner. Our monitoring system for RICE NESHAP is also able to provide complete monitoring and control for all the generator's functions, including remote starts, test runs and trending analysis. We believe ours is the most advanced system on the market, one that could save end-users both time and money by automating these processes," further stated Mr. Flannery.
"While the RICE NESHAP work will be for a limited time, this is an excellent opportunity for Titan Energy to gain a significant number of long term service and monitoring contracts," further stated Mr. Flannery. "As the only company to combine RICE NESHAP monitoring with full generator management, we believe we offer a complete solution in this important niche market and that we will benefit far beyond the $1.4 million in initial modification work."
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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