SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

January 25, 2010 09:20 ET

Titan Energy Worldwide Florida Subsidiary Selected to Service 52 Major Retail Stores in Florida

New Service Agreement Expands Number of Stores to 153 for National Big Box Retailer, Supports Titan Energy's Goal to Quadruple Service Contracts in 2010

MINNEAPOLIS, MN--(Marketwire - January 25, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that Grove Power, Inc., the Company's Florida-based subsidiary, has been selected to service the power generation equipment for 52 new stores in Florida of a national "big box" retailer. Titan Energy now covers 153 of this retailer's stores, including 101 facilities located in the Midwest.

"The award of these fifty-two new stores to our Grove Power service program is a strong validation of Titan Energy's growing national reputation in the power generation industry and shows the strength we have achieved by extending our base of operations into key areas such as Florida. Other factors contributing to our award of this contract include our ability to deploy highly trained service technicians promptly to store locations and the use of newer technologies such as remote monitoring to offer higher levels of service. With remote monitoring we are able to see the operating condition of a customers' power system 24 hours a day, 7 days a week and can respond almost immediately to a situation often before a customer is even aware there is a problem. The result is a tremendous increase in customer satisfaction," stated Thomas Black, Chief Operating Officer of Titan Energy.

"Annualized service contracts are a rapidly growing part of our business. In 2009, service contracts accounted for about 35% of our annual revenues. In 2010, we have a goal to increase service revenues by as much as 250% in 2010 which would generate approximately $10 million in gross sales. Our commitment is to continue to service national customers such as this major retailer and to offer newer and better technologies so that these sophisticated power generation systems can run more predictably and efficiently," added Mr. Black.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide is 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 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