Met-Pro Corporation, Systems Division Receives Equipment Order Totaling $900,000; -- $1.6 Million in Orders for Systems Division Announced in Past Two Weeks -- Backlog of Orders at Historical High
HARLEYSVILLE, Pa., June 17 -- Raymond J. De Hont, President and Chief Executive Officer of Met-Pro Corporation , announced today that the Company's Systems Division in Kulpsville, Pennsylvania has received an order for a regenerative thermal oxidizer to be installed at a painting facility of an automotive supplier in the southeastern United States. The value of the order is approximately $900,000 and the equipment is expected to be shipped in the third quarter of this fiscal year.
The state-of-the-art Met-Pro regenerative thermal oxidizer will remove the volatile organic compounds from 42,000 SCFH of exhaust from both paint lines and drying ovens. Met-Pro will design, manufacture and install the thermal oxidizer.
Met-Pro has been providing thermal oxidizer systems to industrial installations for over twenty-five years. Met-Pro custom designs their systems to accommodate each customer's specific requirements. Met-Pro's capabilities include in-house design, manufacturing, installation, assistance during permitting, after-the-sale service, start-up and operator training.
De Hont noted that "this order follows a $700,000 order announced last week for a thermal oxidizer to be installed at an ethanol manufacturing facility in the Midwestern United States." As mentioned in the Company's press release of June 10, 2003, De Hont reiterated that "Met-Pro continues to be delighted at the level of contact activity that we are experiencing on projects of this size in this difficult market. We remain optimistic about our prospects for future awards of this type at Systems and other Divisions."
De Hont also noted that "with this order, Met-Pro's backlog is at an historical high of $20.5 million. A high percentage of this backlog is scheduled to be shipped during the current fiscal year."
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, is a manufacturer of air and water pollution control systems; fume scrubbers and odor control equipment; fluid handling equipment for corrosive, abrasive and high temperature liquids; filter products for drinking water, industrial and custom applications; wet and dry particulate dust collectors; specialty chemicals for controlling corrosion and reducing lead/copper in public drinking water; and state-of-the-art fans for laboratory and clean room applications.
Met-Pro stock is traded on the New York Stock Exchange, Symbol MPR.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company) contains statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation of purchase orders, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's Web site at www.met-pro.com .