SOURCE: Energy & Technology Corp.

Energy & Technology Corp.

August 20, 2015 09:30 ET

UPDATE - Energy & Technology Corp. (PKA) Technical Industries and Energy Announces Improved Profits and Future Direction

LAFAYETTE, LA--(Marketwired - Aug 20, 2015) - Energy & Technology Corp. (OTC PINK: ENGT), a fully reporting company, announced today its June 30, 2015, 2nd Quarter results. Gross Profit for 2015 was 5.64% of sales compared to 0.88% for 2014 with a favorable increase of 4.75%. Net Loss, as a percentage of sales, for 2014, was -22.31% compared to 2015 Net Income compared to Sales of 290.06%.

George M. Sfeir, President and CEO of Energy & Technology, remarked, "With oil prices and the active rig count down significantly, we have gone from being backlogged with work, to having to hire additional marketing staff to increase revenue. We also see the current market as an opportunity to make synergistic acquisitions in the oil services and oil tool sector and to expand internationally."

Energy & Technology Corp. has production facilities in Houston, Texas and Abbeville, Louisiana. Energy & Technology Corp. provides non-destructive testing (NDT) services, OCTG and oilfield pipe sales, service and storage, manufacturing and threading, and rig and equipment sales. The Company currently serves customers throughout the oil patch of Louisiana and Texas, as well as in Canada, Mexico, and the Gulf of Mexico. The Company's customer base of over 130 accounts, consist of major oil companies, steel mills, material suppliers, drilling companies, tool rental companies, and natural gas storage operators. Due to its technology, the Company maintains advantages in offshore deepwater and other onshore critical projects.

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Forward Looking Statement:
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's filings with the Securities and Exchange Commission.