LONDON, ON, Jan. 15 /PRNewswire-FirstCall/ - Today at its Annual and Special Meeting of Shareholders, Trojan Technologies Inc. (TUV:TSX) said it is on track to becoming a $250-million company by 2006 as a result of its strategy to expand into new markets and diversify its product mix. Established in 1977, Trojan has built a reputation as the leading provider of ultraviolet (UV) disinfection systems for municipal wastewater plants. With more than 3,000 municipal systems in over 25 countries using its technology, it has the largest installed base in the world. Only recently has the Company pushed into other arenas. "The strategy has been bang on," Trojan President and CEO Allan Bulckaert told shareholders. While the wastewater sector will still account for more than half its revenues this year, other markets are now growing at a faster clip -- particularly municipal drinking water, industrial, and environmental contaminant treatment (ECT). In the drinking water arena, Trojan is the selected supplier to three of the largest UV plants in the world -- Seattle, Rotterdam, and Victoria, B.C. Trojan expects the municipal drinking water market to grow by more than 20 per cent a year. One of the key `drivers' of this growth is the increasingly stringent regulatory environment as governments act to safeguard their water supplies. In Ontario, for example, there is now legislation requiring multi-barrier treatment of drinking water. In Europe, new drinking water standards and rules governing bathing water have been passed. In the U.S., the Environmental Protection Agency is moving to increase protection against Cryptosporidium and reduce chlorination by-products in water supplies. In the emerging field of ECT, Bulckaert said Trojan is winning most of the jobs. In little more than a year, the Company has received contracts in this arena amounting to more than $30 million. Continued strong demand is anticipated as low concentrations of toxic chemicals are now being detected in water supplies throughout North America and Europe. In the U.S., for example, the National Water Quality Assessment Program found pesticides in 95 per cent of the streams and rivers and in 50 per cent of the groundwater sampled. And the European Environment Agency has warned that groundwater quality is threatened by pesticides in almost all European countries. "Our ECT technology has proved effective and cost-efficient in removing toxic substances from water. It also shows great promise in being able to destroy endocrine disruptors -- typically, pharmaceuticals which end up in our water supplies and pose human health risks," Bulckaert explained. In the industrial sector, the Company is particularly focused on the pharmaceutical industry in Europe and electronics manufacturers in Asia where there are significant opportunities. Bulckaert said management's objectives this year are to: - grow by 20 per cent, increasing revenue to over $110 million - produce earnings of approximately 40 cents a share - grow the business, especially in Europe and Asia where he expects to double revenues - strengthen customer service and satisfaction - improve efficiency - and focus R&D efforts on drinking water, wastewater and ECT product lines "We continue to look at acquisitions and alliances, particularly in Europe where we are determined to expand our business in order to balance our strength in North America," Bulckaert added. Trojan designs, manufactures and sells UV systems for municipal wastewater and drinking water facilities, as well as for the industrial, commercial and residential markets. The Company also provides UV treatment for the removal of toxic chemicals from water. The Company has over 350 employees around the world. Headquartered in London, Ontario, Trojan has offices in Germany, the U.K., Netherlands, Norway, Spain, and the U.S. Its shares are listed on The Toronto Stock Exchange under the trading symbol TUV. The Annual and Special Meeting of Shareholders was held at 11 a.m. today in London, Ontario, and the event was also webcast. The webcast has been archived and is available on the company's website at www.trojanuv.com until April 15, 2003.
SOURCE Trojan Technologies Inc.