CONROE, Texas, June 8 /PRNewswire-FirstCall/ -- Hemiwedge Industries, Inc. (Pink Sheets: HWEG), a global supplier of engineered valves, today announced it has received an order for $512 thousand for its Hemiwedge® Cartridge valves from an energy services customer headquartered in Houston, Texas, with operations worldwide.
The purchase order was issued to Hemiwedge Valve Corp (HVC), the operating subsidiary of Hemiwedge Industries that sells the patented valve product line. The purchase order is for six inch ANSI class valves for mud-diverter service applications. The deliveries are scheduled to occur over the remainder of the second quarter and into the third quarter 2010.
The customer likes the Hemiwedge® unique stationary internal "core" feature that allows the valve to operate and shut off in drilling mud that contains formation chips. The "Cartridge" feature of the valve allows repair in minutes with the valve remaining in the line, compared to other legacy design ball valves which can require a factory serviceman or removing the entire valve to return to the factory.
Mr. Ken Chickering, CEO of Hemiwedge Industries, said, "We are particularly pleased of an order this size from a relatively new customer expressing confidence in the Hemiwedge® Cartridge valve's proven performance in this application. The Company also believes this customer's international on-shore activity levels could lead to additional orders for the product."
About Hemiwedge Industries, Inc.
Hemiwedge Valve Corporation ("HVC"), a wholly-owned subsidiary of Hemiwedge Industries, operates as a global supplier of engineered valve products. In its 60,000 square foot ISO 9001 and API Q1 approved facility in Conroe, Texas, the Company manufactures and markets worldwide a patented proprietary valve technology known as the Hemiwedge® Cartridge valve product line. The Hemiwedge® Cartridge valve is a proven innovative design that incorporates a hemispherical wedge to provide a mechanically sealing, tight shutoff valve with a simple quarter-turn operation that provides outstanding longevity and performance in a broad range of applications. Unlike ball valves, the stationary core of the Hemiwedge® Cartridge valve directs flow away from the seat surfaces which allows longer service life. The "Cartridge" feature reduces expensive downtime during valve maintenance as all of the internal parts of the valve are attached to the bonnet, as a Cartridge, which allows a quick exchange of all the internals of the valve while the valve body remains in the line. This feature is especially relevant in weld-in line valve bodies and severe service applications. Hemiwedge® Cartridge valve has been successfully used by reference customers in applications including refining, mining, process, pipeline, power, mid-stream and petro-chemical markets. The product line currently ranges in bore sizes from one inch to twenty inches, API 6D monogram, and ANSI class 150 through 900. For additional information on the Company and its products, please visit www.hemiwedge.com.
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, customer concentration risk, difficulties in refinancing or restructuring its debt, difficulties in accelerating internal sales growth, volatility of the energy business and its effects on the Company's business, difficulties in new technology acceptance within the energy and process industries, restrictive covenants in our existing credit facilities, fluctuations in metals prices, an inability to perform customer contracts at anticipated cost levels, political and economic global supply chain risk, general economic conditions in markets in which we do business, extensive environmental and workplace regulation by federal and state agencies, and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. All information provided in this release and in the attachments is as of June 8, 2010 and the Company undertakes no duty to update this information.
SOURCE Hemiwedge Industries, Inc.