Profire Energy Adds Proprietary Valve-Actuator to Product Line
Company Extends Brand With Patent-Pending Actuator, Expected to Increase Historical Margin on Company's Valve Actuator Sales; Designed for Compatibility With Industry's Major Valves
LINDON, Utah, April 8, 2014 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (Nasdaq:PFIE), a technology company which manufactures, installs and services burner management systems and other combustion technologies for the oil and gas industry, today announced that it will begin selling a new proprietary valve-actuator, the VM80, to compete with the industry's leading valve actuators that control fuel gas in many of the oil and gas industry's firetube vessels.
The actuator—which is electrically controlled—sits atop a valve, and serves as a valve's controlling component. The Company's new actuator is designed to work seamlessly with the Company's burner management systems, and is expected to be more competitively priced than many of the industry's electronic valves. It may also replace many of the valves that the Company currently resells from large valve companies.
"We expect this new valve actuator to be a strong offering in the current market," said Harold Albert, Chief Operating Officer of Profire. "It is designed to meet the needs of our customers in function, price, and ease-of-use. We feel that it will only bolster more sales of our flagship burner management systems, which continue to be our primary focus in our sales efforts."
The VM80 is patent-pending, and is expected to go on sale commercially on or before April 14, 2014.
To learn more about Profire Energy or its products, please contact Profire Energy, or visit www.ProfireEnergy.com.
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 systems are increasingly becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Oklahoma City, Oklahoma; 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 implied acceptance or sales of the valve actuator; the patent-pending nature of the valve actuator; expectations to increase margin on the Company's actuator sales; compatibility of the actuator with the industry's major valves; the competitiveness of the valve actuator with the industry's leading valve actuators; the actuator's seamless function with the Company's burner management systems; expectations of the actuator to be more competitively priced than other industry valves; the potential of the actuator to replace many of the Company's currently sold valves; the potential of the actuator to be a strong offering in the market; its potential to meet the needs of the Company's customers; the actuator's potential to bolster sales of the Company's burner management systems; or any planned launch date to begin selling the valve commercially. 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, except as required by law. 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. Brendan Hopkins 1-800-RED-CHIP (733-2447), ext. 134
Released April 8, 2014