CONROE, Texas, Feb. 3, 2011 /PRNewswire/ -- Hemiwedge Industries, Inc. (Pink Sheets: HWEG), a global supplier of engineered valves focused in the oil/gas production, refining, mining, process, pipeline, power, mid-stream and petro-chemical markets, issued the following marketing and operations update today of the Company's progress. Since the Company's update release in September 2010, the Company has acquired three new customers domestically and internationally and continued to grow operations.
Revenues for the Fourth Quarter and fiscal year ending December 31, 2010
Unaudited revenues for the fourth quarter ending December 31, 2010 were approximately $388,400 or an increase of 16%, as compared to the fourth quarter 2009. Unaudited revenues for the fiscal year ending December 31, 2010 were approximately $2.92 million, or an increase of about 190%, compared to the same period in 2009 of $1 million. Recent feedback from customers and partners indicate that in 2011 and 2012 the Company should see more larger size capital projects getting launched in the industries in which we focus. Currently management believes our sales growth and market acceptance will continue next year and beyond.
"While our revenue targets earlier in the year were at a range above $3 million in sales, we encountered some shipment delays resulting in some revenues shifting into the first quarter of 2011. We are pleased that the market acceptance of Hemiwedge® Cartridge valve has continued particularly in our target areas of oil/gas production, mining, process and power markets," stated Ken Chickering, CEO.
New Customers and New Applications for Hemiwedge® Cartridge valve.
The Company's patented Hemiwedge® Cartridge valve product line continued to grow in the fourth quarter of 2010 with new customers in lime slurry mining applications, heavy oil, products pipeline storage applications and re-orders in gas compressor applications.
Public filing status
The Company filed a termination of registration of its common stock under Section 12(g)-4(a)(2) of the Securities Exchange Act of 1934. However, the Company is still required to file reports with the Securities and Exchange Commission under Section 15(d) of the Securities Exchange Act of 1934 and the Company intends to continue its efforts to become current with its reporting obligations thereunder. The Company's common stock remains quoted on the Pink Sheets under the symbol "HWEG.PK"
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 February 3, 2011 and the Company undertakes no duty to update this information.
SOURCE Hemiwedge Industries, Inc.