Inaugural Orders Mark Franklin Electric Introduction of Pumping Solutions for Energy Systems
BLUFFTON, Ind., Jan 08, 2013 (GLOBE NEWSWIRE via COMTEX) --
Franklin Electric (Nasdaq:FELE) marked the commercial launch of its artificial lift pumping solutions with significant orders from key global customers. Exxaro, a South Africa-based mining group which provided several test sites for the product, has placed an inaugural order for 7 complete pumping systems for its Botswana Coal project. In addition, a strategic customer in the northwestern United States has placed an order for 14 systems. Over the last 2 years, Franklin Electric has been field testing artificial lift products in coalbed methane, shale gas, and oil-stripper fields throughout the United States, sub-Saharan Africa, and Australia. These recent orders signify the successful culmination of Franklin's development efforts in the area of pumping systems for alternative energy.
Originally developed with the coalbed methane extraction market in mind, Franklin's artificial lift systems utilize submersible water pumping technology to de-liquefy gas wells, allowing the gas to be released from geological formations and rise to the surface. What makes the Franklin system unique is its marriage of progressive cavity pumps with submersible motors, to make a system that captures the benefits of both technologies.
In its line of Energy Systems products, Franklin Electric manufactures submersible progressive cavity pumps and submersible centrifugal pumps. Franklin also offers comprehensive well management system for both gas and water, comprised of variable frequency drives, control systems, and telemetry equipment suited for local and remote communication, as well as a range of accessories. More information about the full product line can be found at franklin-energy.com.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Recognized as a technical leader in its specialties, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company's financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to regional or general economic and currency conditions, various conditions specific to the Company's business and industry, new housing starts, weather conditions, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs and availability, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company's accounting policies, and other risks which are detailed in the Company's Securities and Exchange Commission filings, included in Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ending December 31, 2011, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company's Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and, except as required by law, the Company assumes no obligation to update any forward-looking statements.
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Bob Patterson - MKTX, Inc.
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