CALGARY, ALBERTA--(Marketwire - Sept. 13, 2012) - Richard Ball, Chief Executive Officer of FSI Energy Group Inc. (TSX VENTURE:FSI) ("FSI"), is pleased to announce that FSI has been awarded the contract for the manufacture, delivery and installation of a Brine Blending Plant valued at approximately $3 million USD. The contract is for a new client in Kazakhstan, and, upon completion, will be the twenty-fourth plant manufactured and installed by FSI.
In its decision in awarding the tender, the Client cited the design and high quality of FSI's products after on-site visits in West Siberia to inspect two existing operational plants. Production is scheduled for the fall of 2012, with delivery scheduled for first week in December and installation and commissioning expected in March of 2013.
To date, FSI has designed, built, and installed twenty-one Brine Blending Plants, accounting for over $61.45 million in revenue, and FSI is considered by most in the Russian oil industry to be the leader in this patented turn-key fluid-processing technology for Russian oil producers. This is the company's first sale of such a plant in Kazakhstan, and the company is very excited about the opportunities for further growth in this market. FSI continues its aggressive marketing in western Siberia.
Through its wholly-owned subsidiary, FSI International Services Ltd., FSI Energy Group Inc. is a Calgary-based manufacturing and service company specializing in customized oil and gas filtration, water treatment technologies and Brine Plants for the energy, chemical and oil and gas industries.
In an effort to enrich our management team, FSI Energy Group Inc. also wishes to announce the recent hiring of Mr. Shawn Smashnuk in the position of Project Manager. Shawn will directly assist Mr. Perry Ball, Vice President - Operations, on both domestic and international projects.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements relating to the expected dates for production, delivery installation and commissioning of the Brine Blending Plant. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are generally intended to identify such forward-looking statements.
The forward-looking statements in this press release are based on the opinions and estimates of management and management's prior experience designing, building and installing twenty-one Brine Blend Plants. Such forward-looking statements are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to.
All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.