MONTREAL, Sept. 29 /CNW Telbec/ - (All amounts are in Canadian dollars unless otherwise indicated.) Management of GLV Inc. ("GLV" or "the Company"; ticker symbols GLV.A and GLV.B) is pleased to announce that the Company has been awarded new major contracts worth a total of close to $39 M, of which $30.3 M for the Water Treatment Group (Eimco Water Technologies) and $8.4 M for the Pulp and Paper Group. These contracts add to the numerous smaller-scale orders won during the same period.
Among the major orders awarded in recent weeks to the Water Treatment Group, which will be completed between November 2009 and October 2010, more than $24.5 M relate to the industrial segment. Eimco Water Technologies has notably obtained orders totalling some $20 M for water intake screening systems, including an $8 M contract in Germany and several other large-scale orders in the Netherlands, Canada and Hong Kong. "The global demand for infrastructure upgrading and new infrastructure projects in the power generation, refining and seawater desalination niches has been on the rise since the fourth quarter of the last fiscal year. We believe this type of business will account for a growing proportion of the Water Treatment Group's revenues," indicated GLV's President and Chief Operating Officer Richard Verreault. GLV has also won contracts worth close to $4 M in Australia for the food and beverage processing industry, which represents another growth market niche for the Water Treatment Group, along with a major order for a petrochemicals company in the United Arab Emirates. Finally, Eimco Water Technology has been granted orders totalling $5.8 M in the municipal market in the United States, of which $3.3 M for MBR submerged membrane bioreactors. The rest of the municipal orders consists of various existing infrastructure upgrading and optimization projects. Richard Verreault said that demand in this specific niche remains good in the United States, due notably to the funds allocated by the federal government as part of its economic stimulus plan.
Among the large-scale contracts awarded to the Pulp and Paper Group, the largest, worth $6.8 M, was granted by a major U.S. pulp producer to deliver a complete oxygen delignification system based on its advanced DUALOX(R) technology and incorporating two COMPACT PRESS(R) pressure washing units. This project will be completed in March 2011. In addition, the group obtained another important contract in the United States for pulp preparation equipment, as well as a contract worth more than $1 M for a pulp cleaning system in Indonesia. The President and C.O.O. says he is pleased with the Pulp and Paper Group being awarded such contracts, which could point to initial signs of improvement in investing activity by the global pulp and paper industry, such as management has been observing over the past weeks. "Therefore, we remain confident that the group's order backlog will gradually improve during the second half of the current fiscal year, which should lead to a higher profitability starting in fiscal 2011," concluded Richard Verreault.
Reminder Regarding the Annual General Meeting of GLV's Shareholders
Management of GLV wishes to remind the community that the annual general meeting of the Company's shareholders will take place Wednesday, September 30, 2009, at 10:30 a.m., at the Sofitel Montréal Hotel, Pablo Picasso Room, 1155 Sherbrooke Street West, Montréal. The annual meeting will also be accessible via a live Webcast through GLV's website at www.glv.com. A link can be found on the homepage.
Notice Regarding Forward-Looking Statements
The statements set forth in this press release and other communications to the public that describe management's objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results and the estimate of amounts that cannot yet be determined. These may be observations concerning, among others, strategies, expectations, planned activities or actions to come. Forward-looking statements are recognized by the use of terms such as "forecast", "project" "could", "plan", "aim", "estimate" and other similar terms, possibly used in the future or conditional, notably in regard to certain assumptions.
GLV's management would like to point out that, by their very nature, forward-looking statements involve a number of risks and uncertainties such that GLV's actual and future results could differ materially from those indicated. Factors of uncertainty and risk that might result in such differences include trends in the demand for GLV's products and cost of its raw materials, fluctuations in the value of various currencies, pressures exerted on prices by the competition, compliance with environmental legislation and general changes in economic conditions. There can be no assurance as to the materialization of the results, performance or achievements as expressed in or underlying the forward-looking statements. Unless required to do so pursuant to applicable securities legislation, GLV's management assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.
Additional information about the risk factors to which GLV is exposed is provided in the "Risk Management" section of the Management's Report for the fiscal year ended March 31, 2009, available on SEDAR (www.sedar.com) and the Company's website (www.glv.com).
About GLV Inc.
GLV is a leading global provider of technological solutions used in water treatment, recycling and purification, as well as in pulp and paper production. The Water Treatment Group (also known worldwide as "Eimco Water Technologies") specializes in the design and international marketing of solutions and high-performance, economical and eco-friendly processes for the treatment and recycling of municipal and industrial wastewater and water used in various industrial processes. It also offers water intake screening solutions for power stations, refineries and desalination plants. With its extensive technological portfolio, the group is positioned to provide comprehensive solutions for the filtration, clarification, treatment and purification of water that will either be returned into the environment, or be re-used in various industrial processes or for domestic purposes. The Pulp and Paper Group specializes in the design and global marketing of equipment and systems used in various stages of pulp and paper production, notably chemical pulping, pulp preparation and sheet formation and finishing. This group ranks among the foremost players in its industry and is a recognized leader in rebuilding, upgrading and optimization services for existing equipment, as well as the sale of spare parts. It also stands apart for the superior performance of several of its key products and technologies, notably in terms of energy savings. GLV is present in some 30 countries and has approximately 1,500 employees.
SOURCE GLV Inc.
For further information: For further information: Marc Barbeau, CA, Executive Vice-President and Chief Financial Officer, (514) 284-2224, firstname.lastname@example.org, www.glv.com