This should add to revenue and earnings in the latter half of the year. You might get that $1.00 target yet, snee!
Empire Industries Ltd. reports significant oilfield equipment order
07:00 EDT Tuesday, June 03, 2008
CALGARY, June 3 /CNW/ - Empire Industries Ltd. (TSX-V: EIL) ("Empire" or the "Company"), a provider of steel fabrication and installation services and specialized engineered products, today announced that one of its subsidiaries, Tornado Technologies Inc. ("Tornado"), recently secured orders for 350 proprietary combustion equipment units with specific customers.
"This represents $5.25 million (USD) in orders that will be completed in the second and third quarters of 2008," said Bill Rollins, President and Chief Executive Officer of Tornado. "Our sales order backlog for the summer months, typically our slowest period, is already significantly stronger than anticipated."
A total of 650 of the units have now been ordered since the initial unit was prototyped in March of 2007 for a major North American oil and gas producer.
The combustion equipment units are referred to as the TEC series of thermal oxidizers and were designed to address more stringent air quality venting regulations being imposed by regional governments. Rather than release raw, harmful production gases directly to the atmosphere, the TEC units convert waste gases to carbon dioxide and water vapor through an enclosed combustion process, resulting in a reduction in greenhouse gases of approximately 95%. Additional sales are anticipated as other major companies recognize the benefits of Tornado's technology in the face of similar regulatory operating challenges.
