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News Release – April 17, 2012
Ted Klowan: 508-854-1628
Investor Relations Contact
Chris Camarra: 212-398-3487
ThermoEnergy Corporation Announces 94% Revenue Increase for 2011
Worcester, MA, April 17, 2012 - ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of disruptive wastewater treatment and power generation technologies in global markets, today announced revenue increased 94% to $5.6 million for the fiscal year ended December 31, 2011. Gross profit increased to $404,000 from $75,000 in 2010.
Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy said, “We are pleased with our strong financial results in 2011 and expect that we will continue to increase revenue on an annualized basis in 2012. The fourth quarter of 2011 was our strongest revenue quarter to date, and during 2011 we successfully improved our balance sheet while eliminating our secured debt. During the year we achieved numerous milestones that we believe have positioned us for significant growth in 2012.”
Mr. Bullock continued, “We recently formed Unity Power Alliance, a company dedicated to developing, promoting, and commercializing pressurized oxy-combustion as a new, preferred clean combustion platform. We expect this solution to be utilized for repowering existing coal-fired power plants in the United States, and building new clean power plants around the world. Both our wastewater and power generation business lines are expected to have strong contract pipelines for 2012, and we plan on entering into several new ventures aimed at expanding our revenue base, including a pilot project for the treatment of fracking water and deployment of effluent emission solutions at palm oil plants in Latin America.”
Operational and Financial Highlights:
|·||Full year revenues increased to $5.6M compared to $2.8M in 2010.|
|·||Gross profit for 2011 fiscal year increased 439% to $404,000.|
|·||Commissioned a $4M fresh water system in Africa.|
|·||Added seasoned industry veteran as our VP of Sales and Marketing, Alden Whitney.|
|·||Expanded our facility for anticipated growth.|
|·||Recently launched Unity Power Alliance, the company's vehicle to develop and commercialize its emissions-free, clean-combustion technologies.|
|o||Unity Power will seek the involvement of other major firms and organizations with an interest in promoting the technology.|
|·||Developing a pilot project for treating and reusing fracking water which management believes may result in a multiple system sale.|
|·||Signed a term sheet to deliver solutions to wastewater and effluent emission problems in South America.|
The following information was filed by Thermoenergy Corp (TMEN) on Tuesday, April 17, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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