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
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
"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
- strengthen customer service and satisfaction
- improve efficiency
- and focus R&D efforts on drinking water, wastewater and ECT product
"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.