Profire Energy, Inc. Receives SIL Certification on PF3100 Product Line.
LINDON, Utah, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the “Company”) which creates, installs and services burner and chemical management solutions in the oil and gas industry, today announced that it has received a functional safety certification with a Safety Integrity Level (SIL) 2 capability as of July 17, 2018.
Exida, an internationally ANSI and ISO/ICE accredited product certification body, has completed their extensive audit and evaluation of Profire's product development processes and the PF3100 Burner Control System. The process and procedures that have been audited and approved by Exida, will be carried forward and will aid in future product development. This achievement will permit or allow expedited approval processes required on all future product developments.
In the coming months Profire plans to move the updated PF3100 product software into necessary field trials with targeted customers to validate the additional safety capabilities of the product before rolling it out to full scale production. The Company expects to expand the current PF3100 sales force over the next few quarters to accelerate the speed to market of this updated product into areas of the oil field that it could not previously compete in such as mid-stream, down-stream, refining and petrochemical applications. This is a key step into unlocking future opportunities and revenue for the Company.
“This is an exciting achievement for Profire and specifically for our product development team, who have completed this initiative on schedule and on budget,” said Cameron Tidball, Profire’s Chief Business Development Officer. “This accomplishment opens the door and creates the path for Profire to enter markets that we previously could not serve such as downstream, refining, petrochemical and other more advanced, higher spec projects which require functional safety approvals."
“This has been an incredible learning experience for our product development team and has improved our already proficient knowledge of product certification and development processes,” said Brenton Hatch, the Company’s Chief Executive Officer. “We believe that reaching this milestone will add credibility to our future marketing initiatives and enable growth within our current segments and beyond.”
Safety Integrity Level is defined as a relative level of risk-reduction provided by a safety function, or to specify a target level of risk reduction. In simple terms, SIL is a measurement of performance required for a safety instrumented function (SIF). The International Electrotechnical Commission's (IEC) standard IEC 61508 defines SIL using requirements grouped into two broad categories: hardware safety integrity and systematic safety integrity. A device or system must meet the requirements for both categories to achieve a given SIL.
The International Electrotechnical Commission is the leading global organization that publishes consensus-based International Standards and manages conformity assessment systems for electric and electronic products, systems and services, collectively known as electrotechnology. IEC publications serve as a basis for national standardization and as references when drafting international tenders and contracts. For further information, see their website at http://www.iec.ch
About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management and chemical injection systems are increasingly becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Shelocta, Pennsylvania; Greeley, Colorado; and Spruce Grove, Alberta, Canada. For additional information, visit www.profireenergy.com.
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 Company being able to enter into markets not previously available and the Company being able to achieve functional safety certification on future products.. 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 and 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, except as required by law. Readers should not place undue reliance on these forward-looking statements.
Profire Energy, Inc.
Ryan Oviatt, CFO
Three Part Advisors, LLC
Released August 2, 2018