SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

December 06, 2010 10:58 ET

Titan Energy Worldwide Service Revenues Reach All Time High in November; Record Year of $3.5 Million for Service Sales Projected for 2010

Titan Sets New Standards for Service and Maintenance in the Multibillion Dollar Onsite Power Generation Industry

MINNEAPOLIS, MN--(Marketwire - December 6, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that service revenues of $350,000 for the month of November were the highest ever recorded in the company's history, and that service revenues for the year are projected to exceed $3 million for the first time.

"With November gross sales topping all but one month in our company's history, it is certain that we will end the year on a strong note. In particular, I am very proud of our service team for achieving record revenues for the month of November and for the year. We will achieve more than $3 million in service sales for the first time in the Company's history. Service sales represent multi-year contracts with our customers for service and maintenance of their onsite power generators," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.

"Our superior service benefits nearly 1,000 customers, and has allowed us to establish national accounts with several major companies, demonstrating our ability to operate effectively throughout the United States. We also manage generators enrolled in demand response and other utility programs which played a significant role this past summer in managing the power load on the nation's electrical utility grid. 

"Our growing reputation for offering the finest service programs for onsite power just got better. With the acquisition of Stanza Systems, we have established new capabilities and goals for our service offerings. In addition to the superior service provided by our fleet and trained technicians, we will soon be providing the most advanced technology for the remote monitoring and control of onside generation. 

"There is an estimated 170 gigawatts of onsite power generation residing in as many as 500,000 industrial generators around the nation, enough power to light up several major states. Many of these power systems are poorly or inadequately maintained. Titan's services will provide automation, control, and reporting capabilities never before seen in this industry. The result will be a powerful new way to manage onsite power generation, further establishing Titan as a leader in energy management," added Mr. Flannery.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide is 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