MINNEAPOLIS, MN — (Marketwire) — 09/28/11 — Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that it achieved more than $480,000 in service revenues for the month of August, a record for the Company. The service business provides the Company with recurring revenues from one- to five-year contracts with industrial and commercial customers. The Company projects that annual service revenues will increase by nearly 30% in 2011 over 2010. The growth in 2011 has been strongly supported by a contract with a major retailer as well as an increase in other national accounts.
“Reaching this monthly sales level for service contracts was a tremendous achievement of dedication and excellence from our service team. With this strong growth in recurring, higher margin service sales, I believe Titan can soon achieve another significant milestone which will be positive EBITDA for the fourth quarter of 2011,” stated Jeffrey Flannery, Chief Executive Officer for Titan Energy Worldwide.
Titan provides regular and specialized maintenance programs for customers who purchase onsite power generation equipment from the Company, and for any industrial or commercial customer that has a standby power system. With Titan–s remote monitoring capabilities, service technicians have 24/7 access to a generator–s operational status and can thereby respond proactively to a service condition or provide maintenance procedures remotely. The result is lower service costs for the customer, improved performance of the onsite power equipment and greater reliability in times of emergency.
“Our service and maintenance programs for onsite power generation is supported by a superb team of professionals who are committed to making this program the finest in the United States. Our goal is to continue to grow our service business by expanding these operations into our newer business territories in Miami, Florida and New York/New Jersey. These service revenues are important for our Company as they result in good, solid margins and long term contracts that support our goal to be EBITDA positive and profitable in 2012,” added Flannery.
About Titan Energy Worldwide, Inc.
Titan Energy Worldwide is a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation–s electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer–s facility and the integration of that equipment through monitoring and communication systems with the needs of the utility–s electrical grid. These onsite power generation systems support a customer–s critical operations during times of power failure and serve as demand response systems that work to reduce energy usage and decrease demand on the electrical grid during peak periods. When managed with the proper intelligent monitoring systems and controls, Distributed Generation offers a vital and significant contribution to the development of the nation–s Smart Grid. We contribute the tools and resources to produce immediate and long term improvements in the performance and stability in the energy production and transmission segments of the electrical grid and reduce the need for new power plants. From emergency and back-up power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the Company–s website at: .
Forward-Looking Statements
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,” “anticipates,” “intends,” “plans,” “expects,” and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.
For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
619-988-5869