SOURCE: Titan Energy Worldwide

November 20, 2007 10:26 ET

Titan Energy Worldwide Releases 3rd Quarter Financial Statements

SAN DIEGO, CA--(Marketwire - November 20, 2007) - Titan Energy Worldwide, Inc. (OTCBB: TEWI) announced today it has released its financial statements for the 3rd Quarter of 2007. The Company reported gross revenues of $1,639,677 and an operating loss of $673,228 for the Quarter. This compares to revenues of $2,803,848 and losses of $514,970 for the previous quarter. Approximately $276,000 of the 3rd quarter losses were attributable to interest expense, amortization of debt discounts and financing costs related to the Company's fund raise.

The higher sales in the second quarter were primarily attributable to two large orders shipped by Stellar as well as the sale of two Sentry 5000 systems. In addition, management attributed the lower sales revenues in the third quarter to the Company's restructuring of the Stellar sales and service operations to improve the overall margins. The goal of this restructuring was to minimize the sale of products with low gross margins and to increase the service department's efficiency.

The report also announced that the Company had filled more than $3 million of its $10 million Private Placement of Preferred Stock as of November 12, 2007. With the net proceeds from this raise and conversion of other debt to stock, the Company was able to retire more than $3.8 million of its approximately $4.3 million in short term and long term debt.

John Tastad, CEO of Titan Energy Worldwide, Inc., stated, "Our sales numbers are down in the Stellar Energy subsidiary from what we expected, primarily due to our focus on reorganizing and streamlining the sales and service operations following the acquisition of Stellar. I believe we have achieved many of our goals in both areas and have positioned the company for a strong 2008."

Tastad added, "Our success so far in filling our private placement has allowed us to retire nearly all of the Company's debt. Combined with the conversion of our bridge financing noteholders into common stock or into the Offering, we believe Titan is now in a great position to move forward with its growth and acquisitions strategies."

Complete information on the Company's third quarter financials can be found in the Form 10Q which was filed with the U.S. Securities and Exchange Commission (www.sec.gov).

TEWW is in the distributed power generation business. The company has two subsidiaries: Titan Energy Development, Inc, which manufactures and markets a mobile utility system for disasters response situations called the Sentry 5000. The Stellar 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