Profire Energy Expands Revenue Streams With Success of New PF1300 Flare Ignition System
LINDON, Utah, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), which manufacturers, installs and services burner management systems and other combustion management technologies for the oil and gas industry, today announced that its newly released 1300 flare ignition system (FIS) has already been purchased or installed by major exploration and production companies, fabricators, and instrumentation and electrical companies, including Leed Fabrication and Encana. These purchases speak to a growing trend toward the use of burner management technologies throughout the United States.
"Oil and gas companies—and resellers providing products to them—are increasingly recognizing the safety, efficiency and environmental benefits of using burner management systems," said Brenton Hatch, president and CEO, Profire Energy. "While many of these companies will continue to benefit from our flagship PF2100 burner management system, our new 1300 flare ignition system is also proving valuable in the industry. As a result, we have already sold multiple units in Texas, Pennsylvania, Utah, Colorado and Wyoming."
There are more than one million oil and gas wells in the United States and Canada combined. These wells produce a medium that requires heat, and a burner management system (BMS) can be used with each heater. Burner management systems are designed to improve worker safety by automating the relighting of the burner flame while increasing efficiency and improving compliance with environmental regulations.
The PF1300 FIS, created for combustors and open-flare applications, uses the same spark and flame-detection technology as the PF2100 BMS, but does not control valves for shutdowns or temperature control. In addition to the PF1300 FIS, other major Profire Energy technologies include:
- The PF2100 BMS, a full-capacity BMS that uses spark and flame-detection technologies to automatically light and relight the burner in atmospheric heaters. It also provides the ability to manage temperature control and safety shut downs.
- A patent-pending airplate, which allows the user to adjust air flow within the firetube.
Profire Energy Named to Utah 100
Profire Energy was recently named among the 100 fastest-growing companies in Utah. The rankings, compiled by the MountainWest Capital Network, were determined by the percentage of revenue increase from 2007 through 2011. With 265 percent growth since 2008 (the year the company acquired its wholly owned subsidiary Profire Combustion, Inc.), Profire Energy ranked 48th.
About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient transportation, refinement and production of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent EPA standards and enhanced margins with their energy production processes, Profire Energy's burner management systems are increasingly becoming part of their solution. To learn more about the company's products and services, please visit www.profireenergy.com. Profire Energy has offices in Lindon, Utah; Houston, Texas; and Edmonton, Alberta, Canada.
The Profire Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13229
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements and assumptions regarding the benefits of and growth and demand for the Company's PF1300 FIS and the implications such may have on the Company's revenues. While the Company has enjoyed positive initial demand for the PF1300 FIS, this is no guarantee of future demand, nor should it be relied upon to make assumptions about future potential impacts on the Company's revenue. All forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the company's periodic reports filed with the Securities Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.