SOURCE: Titan Energy Worldwide

January 28, 2008 11:07 ET

Preliminary Year End Financial Report for Titan Energy Worldwide Posts Strong Revenues in 2007 and 87% Reduction in Company Debt

MINNETONKA, MN--(Marketwire - January 28, 2008) - Titan Energy Worldwide, Inc. (OTCBB: TEWI) announced today it has released a preliminary report on its year end financial statements for 2007. In its annual report which is due March 30, 2008, the Company expects to report gross revenues of approximately $8.8 million in its first full year of operations. The Company also expects to report that its debt was reduced by $3.7 million or 87% compared to the 3rd quarter 2007, leaving the company basically debt free except for an operating bank line of credit.

John Tastad, CEO of Titan Energy Worldwide, stated, "We made two significant improvements in the company in 2007 which position us for a strong year in 2008. First of all, we reorganized, streamlined and strengthened our Stellar Energy Services subsidiary. Now called Titan Energy Services, this subsidiary of the company delivered 21% more revenues in 2007 than in 2006 under the previous owners. This increase is the result of strengthening our sales and service departments as well as providing additional services to our customers."

"We were also able to close on more than $4 million on our private placement offering in 2007," Mr. Tastad added, "which allowed us to retire nearly all the debt in the company. Essentially debt free, and optimistic that we can close our Offering at the end of this month, we believe the company will be in a very strong position to advance its expansion and acquisitions strategies in 2008."

Complete information on the Company's 2007 financials will be published in the Company's Form 10K which will be filed with the U.S. Securities and Exchange Commission (www.sec.gov) no later than March 30, 2008.

TEWW is in the distributed power generation business. The company has two subsidiaries: Titan Energy Development, Inc. manufactures and markets a mobile utility system for disasters response situations called the Sentry 5000. The Titan Energy Services division is a distributor and service provider for Generac, Inc., a major manufacturer of power generators. More information on Titan Energy and Stellar Energy Services can be found at www.titanenergy.com.

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

  • Contact:
    Jeff Flannery
    Titan Energy Worldwide, Inc.
    (619) 342-7449