SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

November 19, 2009 10:45 ET

Titan Energy Worldwide Releases Third Quarter Financials, Reports Record Sales

Company Sales for First Nine Months of 2009 a Record High

MINNEAPOLIS, MN--(Marketwire - November 19, 2009) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today its financial results for the third quarter of 2009. The Company reported $7.1 million in sales for the first nine months of 2009, an increase of more than 20% over the same period in 2008 and a record high for any nine month period in the Company's history. The Company also posted lower operational losses in the first nine months of 2009, a 15% decrease over the same period in the previous year. For more detailed information, please access the Company's Form 10Q SB at www.sec.gov.

"The strong sales results that we have posted since the beginning of the year continue to demonstrate the success of management's strategy for Titan Energy's growth. We are today reporting the highest nine months of revenue in the Company's history. An increase in sales of annual and multi-year service contracts combined with a significant reduction in our operational expenses has also resulted in the lowest losses from operations for a nine month period. These trends point towards the Company reaching its goal of positive EBITDA by no later than the middle of 2010," said Jeffrey Flannery, Titan Energy's Chief Executive Officer.

"Titan Energy's commitment is to be an active partner with our customers as they seek to better manage and monitor their energy resources. We help our customers achieve optimal use of their power assets by offering them stronger tools and applications to increase their energy efficiencies. These service programs are not only valuable to our customers, but offer recurring, longer term contracts for Titan Energy which can be very profitable for the company. Our path to overall profitability is partially based on increasing service sales as a percentage of our overall sales, and we are achieving great success in building this part of our business," concluded Flannery.

About Titan Energy Worldwide, Inc.

Since its founding, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. 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