Profire Energy Inc. to Enter Brazilian Market
LINDON, UT and EDMONTON, AB -- (MARKET WIRE) -- 01/10/12 -- Profire Energy, Inc. (OTCBB: PFIE) announced today that Brazilian oil and gas components vendor, Gascat, has agreed to market and sell Profire products. With over 23 years of experience in the industry, Gascat has established itself as a leader in the production of equipment and systems for the transportation and distribution of natural gas. Gascat represents companies such as Mercury Instruments and Sensus Metering Systems in Brazil. The Company's expansion into Brazil continues the implementation of its international distribution strategy.
Demand for oil and gas continues to rapidly increase in Brazil, and more broadly, throughout Latin America. Brazil is home to one of the world's largest oil and gas companies, Petrobras, and several other growing energy development companies. Over the past six years several significant oil and natural gas fields have been discovered, including the Tupi and Jupiter fields in the Santos Basin of Brazil. These discoveries should supply Brazil robust energy-related development for years to come. Profire believes this strategic alliance places it in a unique position to enter a promising and nearly untapped Latin American market for burner management and control technology.
"Our entry into Brazil through an alliance with Gascat is a positive step in our overall development. Our commitment to international business growth is expected to continue and will add to the geographical diversification of the Company's revenue," commented Profire CFO Andrew Limpert.
Profire manufactures, installs and services oilfield combustion management systems and related burner products. Its products and services aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. The Company's lead products are the Profire 2100 and the Profire 1100, which are burner management systems that oil and gas producers rely on to provide reliable management and ignition of combustion burners and associated vessels such as separators, dehydrators, line heaters, incinerators, etc.
To learn more about Profire Energy's products and services, please visit www.profireenergy.com. Profire has offices in Lindon, Utah, U.S.A and Edmonton, Alberta, Canada
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding the expansion of the Company's sales footprint internationally, the ability of Gascat to assist the Company in its efforts to do so, the size and nature of the Brazilian oil and gas industry and potential need and demand in Brazil and abroad for the Company's products. All such 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 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.
Contact: For inquiries please contact Andrew Limpert (801) 796-5127 E-mail: Email Contact
Source: Profire Energy, Inc
Released January 10, 2012