Profire Energy Renovates Existing Warehouse and Allocates Funds for Additional Shipping Bay
Utah Office Expanding to Meet Growing US Sales and Distribution Demands
LINDON, Utah, Feb. 12, 2013 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), which manufactures, installs and services burner management systems and other combustion management technologies for the oil and gas industry, today announced that it has renovated its existing warehouse and plans to purchase an additional shipping bay. The renovation and expansion is intended to help the company prepare for future product distribution, and is expected to help enhance inventory management and increase shipping speed within US markets.
"Although historically a majority of our sales have come from Canada, recently we are seeing exciting growth in our US operations," said Cameron Tidball, VP Sales & Marketing of Profire. "Our Texas office—opened just last year—is already profitable, and our Utah office is also seeing marked sales growth. While we expect Canada to continue its history of product development and sales revenues, it is possible that our United States sales may surpass Canadian sales in the coming 12 to 18 months."
The company's recent renovation and expansion includes:
- an additional shipping bay (sale pending)
- a mezzanine which is being used primarily for the company's increased research and development initiatives
- renovation of office space to provide additional offices for new accounting and sales personnel
- implementation of an improved barcode-scanning inventory system, which ties to new accounting software implemented by the company
"These recent improvements to our warehouse represent our continued interest in improving distribution efficiency," said Andrew Limpert, chief financial officer of Profire. "As we have seen continued growth in US sales, we are expanding and preparing for increased US distribution to ensure that our supply chain is prepared to meet the demands of US sales."
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 solution. 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 our expectations of enhanced efficiency and our beliefs about the potential for growth of our US sales. 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 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 Profire Energy, Inc. Nathan McBride, Investor Relations (801) 796-5127
Released February 12, 2013