SOURCE: MFRI

MFRI

April 14, 2015 08:00 ET

MFRI Appoints David B. Brown to Board of Directors

NILES, IL--(Marketwired - Apr 14, 2015) - MFRI, Inc. (NASDAQ: MFRI), a leading manufacturer of specialty piping systems and industrial filtration products, announced today the appointment of David B. Brown to its board of directors.

Mr. Brown, age 52, is the interim chief financial officer of MV Transportation, Inc., the largest private provider of paratransit services and the largest privately owned passenger transportation contracting firm based in the U.S., with more than 17,500 employees in 146 locations around the world. Mr. Brown joined MV in 2014 with almost 30 years of global business experience and is a seasoned finance leader whose areas of expertise include international finance, forecasting and budgeting, financial reporting, tax structuring and cash management.

MFRI President and CEO Brad Mautner commented, "David is a highly skilled leader who has worked with major corporations worldwide including both public and private equity sponsored companies. His in-depth international experience will add valuable perspective to our board and the continuing development of MFRI's strategic initiatives. We are delighted to welcome him to our board."

Prior to joining MV, Mr. Brown served as a senior vice president and the chief accounting officer for MoneyGram International, Inc., a NYSE-listed $1.4 billion provider of global money transfer and payment services with more than 350,000 agent locations in 200 countries. Prior to that, he was chief financial officer for Dresser, Inc. (now part of GE Energy), a $2 billion multi-national energy equipment manufacturing company that served various sectors of the oil and gas markets. Before joining Dresser, he held several senior finance leadership roles for The Brinks Company and LSG Sky Chefs in the U.S. and Brazil. Mr. Brown spent the first 10 years of his career with Price Waterhouse LLP advising multi-national clients primarily in the energy industry, during which he lived in Moscow, London and the U.S.

Mr. Brown is a member of the board of directors, compensation committee and the audit committee chair for Cubic Energy, Inc., an independent energy company engaged in the development and production of, and exploration for, crude oil and natural gas and natural gas liquids. He earned a Bachelor's degree in Business Administration from the University of Texas at Austin and is a certified public accountant. He is an active member of the Dallas Committee on Foreign Relations, the World Affairs Council and Financial Executives International.

With Mr. Brown's appointment, the board of MFRI has been expanded to eight members.

MFRI, Inc.
MFRI, Inc. manufactures pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications. The Company also manufactures custom-designed industrial filtration products to remove particulates from air and other gas streams. In total, MFRI has operations in 10 locations in six countries. For more information, visit the Company's website at www.mfri.com  or contact its investor relations representative, LHA.

Forward-Looking Statements
Statements and other information contained in this announcement that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.