Thermal Energy Reports Financial Results for the Fiscal Year ended May 31,
2009
Thermal Energy recorded revenues of
Highlights for fiscal year 2009 include: - Closing an oversubscribed brokered private placement with gross proceeds of $15,000,000. This placement was the largest in the Company's history and was subscribed to by a number of renewable energy and sustainability focused funds in Canada, United States and Europe thereby providing the Company excellent cross border exposure. - Completion of the acquisition of Gardner Energy Management Ltd. of Bristol, U.K and its unique GEM venture orifice steam trap. This acquisition provides Thermal Energy a number of significant strategic and market synergies, including: an excellent complementary fit with Thermal Energy's existing products, a European base of operations and sales force, a strong customer list of multinational companies, a shorter sales cycle, and a more consistent revenue stream. - Since fiscal year 2008 Thermal Energy has added sales staff and agents in Canada, United States, United Kingdom, Ireland, Germany, Italy, Belgium, The Netherlands, Scandinavia, China, India, Malaysian, Australia and the Middle East. - Subsequent to year end Thermal Energy announced it has concluded an agreement with Kemco Systems Inc of Clearwater, Florida to become the exclusive distributor of Kemco products in all areas globally except North and South America. Kemco has a 30 year track record of providing high efficiency, environmentally friendly water heaters, heat recovery products, and water treatment systems to the laundry, textile, food & beverage, ready mix concrete, automotive and other industries.
"Fiscal 2009 was a landmark year for Thermal Energy's evolution as a diversified global energy services solution provider", said President and CEO
Annual General Meeting
The Annual General Meeting of shareholders of Thermal Energy is scheduled to take place
Update on status of trading halt
The Company's securities were halt traded by the TSX Venture Exchange on
NOTE: This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections. Such statements including those about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated. The Company disclaims any obligation to publicly update or revise any such statements, except as required by applicable securities laws.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: William Crossland, President and CEO, (613) 723-6776
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