SOURCE: Titan Energy Worldwide

October 21, 2008 10:19 ET

Titan Energy Worldwide Receives $202,000 in New Orders for Emergency Power Systems

MINNETONKA, MN--(Marketwire - October 21, 2008) - Titan Energy Worldwide (OTCBB: TEWI) announced today that its subsidiary, Titan Energy Systems, has received new contracts to supply three emergency backup engine generator systems to three key markets for standby power: assisted living communities, retail development and municipalities. Titan Energy Systems is a full line sales and service provider of power generation equipment with headquarters in Minnetonka, Minnesota and satellite offices in Nebraska and Iowa.

These bookings are expected to contribute $202,436 in revenues that will be realized when the completed systems are shipped. Additionally, the service department secured $102,237 in maintenance service contracts, which represents reoccurring, steady revenue over the lifetime of these 1-5 year contracts. Management expects to close the month of September with new orders for equipment and service contracts to exceed $600,000.

Contributing to this month's bookings, Titan Energy received an order for a 600kW, 22L Doosan diesel engine, to backup an Assisted Living Retirement Campus located in a master-planned community in West Des Moines, Iowa. The emergency power system will provide backup to the services supporting the entire campus.

Additionally, Titan Energy has received a contract to provide a new 350,000 square foot retail development in St. Louis Park, MN with an emergency power system to provide public safety with backup power to the elevator systems during times of power interruptions.

Titan Energy Systems has also received an order to supply a 135kW diesel generator to Davy Engineering of LaCrosse, Wisconsin to provide emergency power to the Village of Melrose, Wisconsin as part of the city's 2008 Water Systems Improvements project.

The diesel engine generators are manufactured by Generac Power Systems of Waukesha, WI. Titan Energy Systems is an authorized dealer of Generac engine generators. For more information on The Titan Energy Systems product line, visit: www.titanenergysystems.com.

About Titan Energy Worldwide, Inc.

Titan Energy is a leader in the manufacturing, marketing and servicing of energy generation products and services, a major participant in the distributed, renewable, and alternative energy industries, and a leader in development and support for new energy-related technology. Founded in 2005, Titan combines engineering expertise, established sales and distributorships, service operations and unique strategic partnerships to meet the growing global demand for clean, efficient, energy solutions. Titan serves disaster recovery first responders, relief agencies, homeland security, the department of defense and municipalities. For more information, visit the company's website 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

  • For more information about Titan Energy please contact:
    Julie Kane
    Titan Energy Worldwide, Inc.
    (248) 446-8557