CONROE, Texas, Oct. 7 /PRNewswire/ -- Hemiwedge Industries, Inc. (Pink Sheets: HWEG), a global supplier of engineered valves focusing in oil/gas production, refining, mining, process, pipeline, power, mid-stream and petro-chemical markets, issued the following marketing and operations update of the Company's progress today. Since the Company's update release in July 2010, the Company has acquired six new customers domestically and internationally and continued to grow operations.
Revenues for the Third Quarter and Nine Months ending September 30, 2010
Unaudited revenues for the third quarter ending September 30, 2010 were approximately $946,000, or an increase of 201%, as compared to the third quarter 2009. Revenues for the first nine months ending September 30, 2010 were approximately $2.53 million, or an increase of 270%, compared to the first nine months ending September 2009. Based on third quarter 2010 customer indications, company quotation activity and industry feedback, the Company currently anticipates some customer capital projects to be forthcoming in early 2011 that could bring sizable orders for its Hemiwedge® Cartridge valve product line.
Backlog and sales pipeline and overseas growth
Current backlog of purchase orders received, not yet shipped, totaled approximately $355,000 on September 30, 2010. The customers associated with this backlog include a domestic oilfield tool rental company, an energy services customer, a chemical process company and a products pipeline company. Quote activity has increased this year as compared to a year ago and the Company anticipates increasing future backlogs and orders.
New Customers and New Applications for Hemiwedge® Cartridge valve.
The Company's patented Hemiwedge® Cartridge valve product line continued to grow in the third quarter of 2010 with new customers in Canadian oil sands applications, oil production manifolds in South America, gas compressor applications domestically and a titanium dioxide process application with a European customer.
Public filing status
The Company currently anticipates these filings brought current by the end of this fiscal year possibly in two waves. The first, 2009 filings including the Company's annual report on Form 10-K completed and filed, then, the 2010 quarterly reports on Form 10-Q completed and filed. Getting the SEC filings current continues to be a priority for the Company.
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 oil/gas production, 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 October 7, 2010 and the Company undertakes no duty to update this information.
SOURCE Hemiwedge Industries, Inc.