Profire Energy Submits Patent Application for New Coil Housing and Cover
Pending Patent to Protect New Coil Design Used in the Company's Spark-Related Products
LINDON, Utah, July 23, 2012 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), which manufactures, installs and services burner management systems for the oil and gas industry, today announced that it has filed a patent application related to a new coil design. The new XFR coil (XFR) is designed to drastically reduce arcing risk with external objects, which allows for more convenient mounting of all related Profire products. Profire Energy submitted the patent application to the United States Patent and Trademark Office on July 21, 2012.
Beginning this fall, the new coil will be phased into all of Profire's spark-related products, including the newly announced PF1300 flare ignition system and the PF2100 burner management system. The XFR helps prevent external objects from coming too close to the coil's terminals, which can create a potentially dangerous electric "arc." With this risk mitigated, the XFR can be mounted in more accessible locations, where previous coils posed a higher arcing risk. Profire Energy expects the XFR coils to completely replace the current coils by the end of the year.
In light of the company's recent sales growth and international expansion, Profire Energy has increased its efforts to pursue the necessary patents to ensure it maintains legal control over its products and continues to develop innovative products and features that meet the safety, environmental and regulatory needs of the oil and gas industry.
"As we continue to grow domestically and internationally, our products' visibility will increase, and the patent process will become increasingly more important to our strategic and financial success," said Brent Hatch, chief executive officer of Profire. "By protecting both the simple and the complex innovations of our products, we can confidently pursue continued growth, innovation and financial performance."
The XFR is the second patent application filed by the company this year, with the first focused on adjustable air flow control designed to increase burner efficiency and reduce emissions.
To learn more about Profire or its products, please visit www.ProfireEnergy.com.
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 solutions. To learn more about the company's products and services, please visit www.profireenergy.com. Profire has offices in Lindon, Utah; Houston, Texas; and Edmonton, Alberta, Canada.
The Profire Energy, Inc. logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=13229
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding the potential use, benefits of, growth and demand for, and acceptance of the company's XFR Coil, as well as the potential benefits and protections provided by a patent application, and the Company's intentions to pursue intellectual property protections in the future. 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, regulatory and legal 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.
CONTACT: Profire Energy, Inc. Andrew Limpert, CFO (801) 796-5127 Snapp Conner PR Kelly Wanlass (801) 602-4723
Released July 23, 2012