BELLAIRE, Texas, June 25, 2019 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (the Company") (NASDAQ:AETI) today announced that it has received a distribution of $725,000 from its Chinese joint venture, Bomay Electric Industries Co., Ltd ("BOMAY"), in which the Company owns a 40% interest. The distribution resulted from the earnings of BOMAY for the fiscal year ended December 31, 2018.
Last year BOMAY received new orders for 40 control systems to be delivered for new Chinese domestic drilling rigs in 2019. Art Dauber of AETI commented, "We expect to see continued growth in the Chinese land drilling, hydraulic fracturing, and production sectors as the country seeks to expand its domestic energy production. As a leading provider of electric control systems for oil drilling land rigs in China, we believe that BOMAY could benefit from this growth through new equipment orders."
BOMAY was established in 2006 by the Company with a 40% ownership interest, Baoji Oilfield Machinery Co., Ltd., a wholly-owned subsidiary of China National Petroleum Corporation, with a 51% ownership interest, and AA Energies, Inc. of Houston, Texas with a 9% interest. BOMAY manufactures power and control systems for land drilling rigs in China and other international markets.
American Electric Technologies, Inc. is a leading provider of power delivery solutions to the global energy industry. AETI is headquartered in Houston and has global sales, support and manufacturing operations in Rio de Janeiro, Macaé and Belo Horizonte, Brazil. Its BOMAY joint venture is located in Xian, China.
AETI has filed definitive proxy materials with the U.S. Securities and Exchange Commission ("SEC") in connection with the Company's pending business combination with Stabilis Energy LLC and its subsidiaries. The definitive proxy statement is available on the Investor Relations section of the Company's website as well as www.sec.gov. A Special Meeting of Stockholders is scheduled to take place on July 17, 2019 to vote on the proposed transaction. AETI's SEC filings, news and product/service information are available at www.aeti.com.
LEGAL DISCLOSURES
Cautionary Note Concerning Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "believe," "expect," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, AETI's expectations with respect to future growth in energy production in China and future growth in sales orders for BOMAY. With regard to the pending business combination with Stabilis Energy LLC and its subsidiaries forward looking statements include performance of the combined company, anticipated financial impacts of the proposed business combination, approval of the transaction-related matters by AETI's stockholders, the satisfaction of the closing conditions to the transaction and the completion of the business combination transaction (the "Transaction").
Additional Information About the Transaction and Where to Find it
Participants in the Solicitation
Disclaimer
This press release is not a proxy statement or a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities.
Investor Contact:
American Electric Technologies, Inc.
Peter Menikoff
832-241-6330
[email protected]
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