SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

April 01, 2010 09:47 ET

Titan Energy Worldwide Releases Record Financial Results for 2009

2009 Revenues Increase 35% Over 2008; Cash Flow Improves by 30%

MINNEAPOLIS, MN--(Marketwire - April 1, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that the Company's 2009 Annual Report has been filed with the Securities and Exchange Commission (SEC). The report states that the company achieved record annual revenues of $10.6 million, up 35% from 2009. The Company reports that corporate overhead was cut significantly from 2009 and as a result its company cash out flow was 30% less than in 2009. The complete annual report can be accessed from the company's web site, www.titanenergy.com, or at www.sec.gov

"We are proud to announce these record results for Titan Energy. 2009 established a foundation on which our company will grow substantially over the next several years. We have been improving quarter by quarter throughout 2009 and with our current run-rate and sales backlog, we believe we are on track to do more than $20 million in sales revenues for 2010. By cutting our overhead expenses, we also feel we can accomplish our goal of being cash flow positive this year. 2010 will be an exciting year for Titan Energy," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy.

Titan Energy completed two acquisitions of power generation businesses in 2009. In June 2009, the Company acquired the industrial generator sales and service business of a 52-year-old company in Miami, Florida. In December 2009, the Company acquired an established power generation business in New York with nearly $3 million in purchase orders and bookings. 

"We now have a sales and service operation that covers nearly half of the United States. Our Miami office establishes Titan Energy in one of the most dynamic markets for power generation in the United States. We service hundreds of businesses along the storm plagued coasts, and are now extending our sales into the vast markets of the Caribbean, Central and South America. New York is probably the most exciting energy market in the United States. With some of the highest energy prices in the nation, a myriad of energy efficiency and energy management programs, and incentives for renewable energy sources, New York creates tremendous opportunities for Titan Energy," stated Thomas Black, Chief Operations Officer.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide 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: www.titanenergy.com.

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.

Contact Information

  • For more information about Titan Energy Worldwide please contact:
    Jeffrey Flannery
    Titan Energy Worldwide, Inc.
    619-988-5869
    Email Contact

    Stan Altschuler
    Strategic Growth Int'l
    212-838-1444
    Email Contact