SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

February 09, 2010 09:10 ET

Titan Energy Worldwide Awarded New Service Contracts for 15 Nursing Homes in Minnesota and 5 Facilities in Florida -- 115 Healthcare Facilities Now Under Company Management Across the U.S.

Titan Energy to Support Utility Sponsored Demand Reduction Programs for Eligible Facilities Which Offer Customers up to 40% Energy Savings

MINNEAPOLIS, MN--(Marketwire - February 9, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that its Minnesota based subsidiary, Titan Energy Systems (TESI), was awarded 15 new service contracts for a major healthcare provider in Minnesota and 5 contracts in Florida. With the addition of these new contracts, Titan Energy now provides services to 115 health care facilities across the United States.

Titan will also support the customer's demand reduction programs which require eligible facilities to switch over to generator power as a way to reduce the load on the local utility grids during peak usage periods. These demand reduction programs allow the utility to reduce load on the grid during times of heavy demand or severe weather by requiring the customer to utilize its generator for power. In return, the customer receives a reduction in their electrical utility bill of up to 40% or more.

"Titan is an established provider of power generation systems for healthcare companies, and the healthcare industry is an area that we are targeting for significant growth in 2010. The primary reason these facilities install large power generation systems is to ensure continuous power even during times of grid failure due to the critical nature of the services they provide to ill and elderly patients. At the same time, these energy assets offer additional cost savings to the customer through demand reduction programs offered by the utilities.

"The total power output of the 22 units owned by this customer totals 6 Megawatts; enough electricity to fully support 1,200 residential homes. The power available through these generators can be utilized to alleviate congestion on the electrical utility grid. Titan Energy is one of the few companies that can help customers which have large industrial facilities located throughout the United State manage these demand reduction programs resulting in smoother grid operations and reduced rates for the customers," stated Thomas Black, Titan Energy's President and Chief Operations Officer.

These nursing facilities awarded to Titan Energy are equipped with a total of 22 emergency generator systems including sophisticated controls and automatic transfer switches. These service contracts require Titan Energy to provide scheduled maintenance on the power generators at these various sites, fueling and emergency repair work. In addition to servicing existing power generation equipment Titan has sold this customer 6 new power generating systems totaling 2.7 Megawatts of deliverable power.

"Supporting companies on demand reduction and interruptible rate programs is an area of strong and significant future growth for Titan. We believe that Titan Energy is one of the few companies with the technical expertise, facilities and service resources to manage these kinds of programs. Within our current customer base alone we have hundreds of facilities which could save significantly on their utility bills by participating in these programs. The potential of this business for Titan can be measured in the millions of dollars of recurring revenues over the coming years," added Mr. Black.

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 reduction 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:

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.
    Email Contact

    Stan Altschuler
    Strategic Growth Int'l
    Email Contact