Profire Energy Expands Houston Operations
Company Leases 5,000-Foot Warehouse for Growing Operations in Texas, Expected to Double Region's Storage and Distribution Capacities
LINDON, Utah, June 13, 2013 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), a technology company which manufactures, installs and services burner management systems and other combustion management technologies for the oil and gas industry, today announced the signing of a lease agreement for a new warehousing and distribution center in Katy, Texas. The 5,000-foot facility is located near the I-10W/Energy Corridor, and is expected to facilitate greater storage and distribution capacities within the Texas region:
"Currently, our Utah facility serves as a product-distribution hub for most U.S. sales—including many of those from our Texas office," said Jay Fugal, Operations/HR manager at Profire. "However, as we continue to expand, it will be imperative that our regional offices store additional inventory levels to adequately support sales growth in their respective areas. By improving our regional capabilities, we can help ensure that our products are shipped quickly to meet the needs of our customers—wherever they are."
Profire originally opened a Houston location in January 2012 and has since experienced strong demand for the Company's products, prompting the Company move into a larger facility.
"About one-third of U.S. oil and gas production comes out of Texas," said Andrew Limpert, chief financial officer of Profire. "Our team in Texas is aware of the potential there, and they've worked very hard to form strategic relationships and grow our presence in the region. The office has become profitable even faster than expected, and as we make the investments necessary to execute our strategic growth plans, we expect to see increased sales and a larger presence in Texas in the coming years."
To learn more about Profire Energy 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 solution. To learn more about the company's products and services, please visit www.ProfireEnergy.com. Profire Energy has offices in Lindon, Utah; Houston, Texas; and Edmonton, Alberta, Canada.
Cautionary Note Regarding Forward-Looking Statements. Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements, including, but not limited to statements regarding the need for the Company to increase investment in its Texas operations and the benefits thereof and its expectation for continued sales growth and an increased presence in Texas. 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, Finance & Communications (801) 796-5127 RedChip Companies, Inc. Mike Bowdoin 1-900-RED-CHIP (733-2447), ext. 110
Released June 13, 2013