Titan Energy Worldwide Tops $1 Million in Service Revenues for October, a 250% Increase Over 2011
Company sends extra support staff to help efforts in storm ravaged Northeast
MINNEAPOLIS, Nov. 5, 2012 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company realized more than $1 million in service revenues for the month of October. One year ago, the company's service revenues averaged about $400,000 a month. The increase is largely due to the expansion of the Company's successful national account business.
Titan also announced that it is sending additional service technicians and support staff to help with the disaster recovery efforts in New York and New Jersey. The Company has an office in northern New Jersey which services about 200 customers and locations throughout the two states.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, "To reach the million dollar mark in monthly service revenue is quite an accomplishment for the Company. We have expanded our service program 2 to 3 times over where we were a year ago and we now service several thousands of locations with customers in nearly every state. Having this national footprint also creates the responsibility for responding to customer locations which are hit by natural disasters such as Hurricane Sandy. But this is what we are paid for: to keep grocery and retail stores open, data centers and healthcare institutions operational during times of catastrophic grid failure."
Stated Kyle Gillett, Titan Energy Director of Service Operations, "We are dispatching additional trucks and service personnel to the affected areas in New Jersey and New York as soon as we can. We have about 40 big box retail stores, a number of large, critical data centers as well as more than 100 other customers including assisted living homes and health care centers that will probably need support for a week or more. We hope to be able to help our customers as well as provide extra support to our Generac partners in the area."
"With the dramatic increase in our service contracts and revenues, we have a chance that the 4th quarter of 2012 will be our first profitable quarter. What the impact of Hurricane Sandy will be on our fourth quarter results is not known at this time. However, right now, we are focused on doing what we do best. The need for our services is at a critical level and we are prepared to respond. Our goal is to allow our customers stay on line and help keep people safe," added Flannery.
About Titan Energy Worldwide, Inc.
Since its founding, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. From emergency and backup power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.
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SOURCE Titan Energy Worldwide