SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

December 02, 2010 11:43 ET

Titan Energy Worldwide Delivers Three-Megawatt Backup Power Generation System to Midwestern Casino, Total Order Worth More Than $500,000

Large Generator Orders Supporting Company's Record Bookings of $6 Million

MINNEAPOLIS, MN--(Marketwire - December 2, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today the delivery of a 3 megawatt power generation system to a major casino and hotel complex located in North Dakota, an order worth more than $500,000.

The order consisted of three (3) one megawatt Gemini generators manufactured by Generac Power Systems, and 5 automatic transfer switches from ASCO. To put the size of this system in perspective, 3 MW of generation can support up to 1,000 single residence homes. This system will provide full load back up power to the casino in case of a grid failure or natural disaster, where a power outage can potentially result in millions of dollars of losses per hour.

"We are pleased to have delivered one of the most advanced standby power generation systems to a major customer for Titan Energy. We believe this order is a trend back towards the sale of larger power generation systems as we begin to see improvements in the construction industry," stated Thomas Black, Chief Operating Officer of Titan Energy Worldwide. 

"This is one of several indicators that we believe points towards stronger sales in 2011. We currently have record backlog exceeding $6 million and are projecting equipment total bookings for 2010 to be greater than $14 million. These results are solid indicators that 2011 will be a strong year for equipment sales for Titan Energy," added Mr. Black.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation's electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer's facility and the integration of that equipment through monitoring and communication systems with the needs of the utility's electrical grid. These onsite power generation systems support a customer's critical operations during times of power failure and serve as demand response systems that work to reduce energy usage and decrease demand on the electrical grid during peak periods. When managed with the proper intelligent monitoring systems and controls, Distributed Generation offers a vital and significant contribution to the development of the nation's Smart Grid. We contribute the tools and resources to produce immediate and long term improvements in the performance and stability in the energy production and transmission segments of the electrical grid and reduce the need for new power plants. 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

    Stan Altschuler
    Strategic Growth Int'l
    212-838-1444
    Email Contact