American Electric Technologies Wins $1 million Contract with Ventech Engineers
Company to provide power systems for maximum plant efficiency; appoints segment manager to focus on refinery market
HOUSTON, July 24, 2007— American Electric Technologies, Inc. (NASDAQ-CM: AETI), the premium supplier of custom-designed power delivery solutions for the generation, transmission and utilization of energy, announced today that it has entered into an agreement worth more than $1 million to provide custom-designed M&I Electric power delivery system components to Ventech Engineers International Corporation for a refinery rebuild project in development. Additionally, the company has appointed a new segment manager to handle the market as it increases its focus on the refinery and petrochemical market. Ventech, which designs and relocates refineries and process plants, has purchased decommissioned refineries in the northeast United States, and will dismantle, ship and reconstruct them in Pointe-a-Pierre, Trinidad for a Petromin and World GTL, Inc. partnership. The project calls for an updated electrical system, tanks, crackers and vessels. Once rebuilt, the plant will have a 30,000 barrel per day capacity. Under the terms of the contract, AETI will manufacture and install a 480 volt and 5,000 volt switchgear and bus duct by the end of August 2007. Switchgear is a combination of electrical disconnects that help isolate electrical equipment to allow work to be done and ensure no electrical faults occur in a refinery’s operation. AETI will also provide technical implementation services for the project. Charles Dauber, senior vice president of marketing and sales, said, “American Electric Technologies power delivery systems have been enabling reliable and safe power distribution to the energy industry for more than 60 years. This new contract with Ventech is a testament to the high quality electrical products we provide.”
AETI Increases Staff to Handle Growth
In conjunction with the new Ventech contract and as the company increases its focus on the refining industry with customers like Ventech, AETI recently appointed Kevin Domingue as the new segment manager in charge of refinery and petrochemical operations. Domingue has more than 16 years of experience in electrical construction with expertise in project management, design estimating and engineering, scheduling and purchasing. He moves into this position from his role as manager of AETI’s electrical & instrumentation construction services for the marine, industrial, commercial and power house markets. “Kevin brings to his new role a great depth of experience in the electrical construction arena and a great familiarity with the energy industry through his tenure with AETI. There’s no doubt that Domingue’s knowledge of the industry in general will help AETI’s position within the markets we are trying to penetrate,” Dauber said. Domingue holds a bachelor of business administration degree from the University of Houston and is a member of the National Electrical Contractors Association (NECA). He will office from AETI’s Beaumont, Texas location to support related area operations and sales.
American Electric Technologies, Inc. (NASDAQ-CM: AETI) is the premium supplier of custom-designed power delivery solutions to the traditional and alternative energy industries for over 60 years. The principal markets served include oil and gas exploration and production including offshore and land drilling, pipelines, land and offshore production, and service and production vessels; petrochemical and refining; and the water and wastewater facilities industry.
AETI offers M&I Electric power distribution and control solutions, field service and testing services, and E&I construction services, as well as American Access zone enclosures, and Omega Metals custom fabrication services.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Keystone Heights, Fla., Beaumont, Texas, Mississippi, Singapore and China. For more information about AETI, visit www.aeti.com.
Cautionary Note Concerning Forward-Looking Statements: This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, regarding certain anticipated future revenues. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues will be achieved or achieved on the schedule indicated. Investors are cautioned that forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in the Company's SEC filings. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
