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News Release – March 19, 2013
Investor Relations Contact
Chris Camarra: 212-398-3487
Marc Bane: 978-443-2378
ThermoEnergy Corporation Announces 25% Revenue Increase for 2012
With Renewed Focus on Strong Technology Platform and Operational Excellence
Worcester, MA, March 19, 2013 - ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of wastewater treatment and power generation technologies in global markets, today announced revenue increased 25% to $7.0 million for the fiscal year ended December 31, 2012. The company generated gross profit of $173,000 in 2012.
Mr. James F. Wood, Chairman and Chief Executive Officer of ThermoEnergy stated, “Since joining the company in January 2013 I have been working with the management team and board of directors in refocusing the company on its core competency – the manufacture and sale of systems that economically treat, recover for reuse, and capture the value in industrial wastewater.
“With more than 20 years of operation in the field at a variety of industrial sites, ThermoEnergy’s CAST® technology platform is a proven, cost-effective solution to treat and recover a wide range of challenging wastewater streams,” said Wood. “While we continue to build our sales pipeline in traditional industrial markets, we recognize the significant potential for our technology in the energy sector where growing shale oil and gas production, power generation, and biofuel production create tremendous demands on water resources. We are now focusing on these markets and have already made significant inroads with our TurboFrac, FracGen, and ARP wastewater recovery systems.”
Mr. Wood continued, “While the company will remain highly focused on building our sales pipeline in wastewater management systems, I am pleased to report that Unity Power Alliance (UPA), a joint venture between ThermoEnergy and Itea, is working together with MIT and Georgia Tech to complete the modeling, design, production, and testing of a bench scale unit utilizing UPA's POXC™ technology for the clean combustion of fossil fuels.”
Operational and Financial Highlights:
|·||Full year revenues increased to $7.0M compared to $5.6M in 2011.|
|·||Expanded sales and marketing organization to better develop top line growth opportunities.|
|·||Piloted combination of CAST™ and membrane technology into oil & gas market, resulting in sale of first system.|
|·||Sold first ARP system for removal and recovery of concentrated ammonia in wastewater.|
|·||Delivered full-scale demonstration unit to treat digestate for biogas applications.|
|·||Initiated cost reduction program during second half of fiscal year.|
|·||Recruited Itea, S.p.A. to join Unity Power Alliance, the company's vehicle to develop and commercialize the development of coal-fired emissions-free electricity generation.|
|·||Awarded a $1M down-select grant to Unity Power Alliance, resulting in $900K subcontract award to ThermoEnergy for construction and project management.|
The following information was filed by Thermoenergy Corp (TMEN) on Tuesday, March 19, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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