MONTREAL,
Sept. 29, 2009
(Press Release) -
Management of GLV Inc. is pleased to announce that the Company has been awarded new major contracts worth a total of close to $39 M, of which $30.3 M for the Water Treatment Group (Eimco Water Technologies) and $8.4 M for the Pulp and Paper Group. These contracts add to the numerous smaller-scale orders won during the same period.
Among the major orders awarded in recent weeks to the Water Treatment Group, which will be completed between November 2009 and October 2010, more than $24.5 M relate to the industrial segment. Eimco Water Technologies has notably obtained orders totalling some $20 M for water intake screening systems, including an $8 M contract in Germany and several other large-scale orders in the Netherlands, Canada and Hong Kong. "The global demand for infrastructure upgrading and new infrastructure projects in the power generation, refining and seawater desalination niches has been on the rise since the fourth quarter of the last fiscal year. We believe this type of business will account for a growing proportion of the Water Treatment Group's revenues," indicated GLV's President and Chief Operating Officer Richard Verreault. GLV has also won contracts worth close to $4 M in Australia for the food and beverage processing industry, which represents another growth market niche for the Water Treatment Group, along with a major order for a petrochemicals company in the United Arab Emirates. Finally, Eimco Water Technology has been granted orders totalling $5.8 M in the municipal market in the United States, of which $3.3 M for MBR submerged membrane bioreactors. The rest of the municipal orders consists of various existing infrastructure upgrading and optimization projects. Richard Verreault said that demand in this specific niche remains good in the United States, due notably to the funds allocated by the federal government as part of its economic stimulus plan.
Among the large-scale contracts awarded to the Pulp and Paper Group, the largest, worth $6.8 M, was granted by a major U.S. pulp producer to deliver a complete oxygen delignification system based on its advanced DUALOX® technology and incorporating two COMPACT PRESS® pressure washing units. This project will be completed in March 2011. In addition, the group obtained another important contract in the United States for pulp preparation equipment, as well as a contract worth more than $1 M for a pulp cleaning system in Indonesia. The President and C.O.O. says he is pleased with the Pulp and Paper Group being awarded such contracts, which could point to initial signs of improvement in investing activity by the global pulp and paper industry, such as management has been observing over the past weeks. "Therefore, we remain confident that the group's order backlog will gradually improve during the second half of the current fiscal year, which should lead to a higher profitability starting in fiscal 2011," concluded Richard Verreault.
Reminder Regarding the Annual General Meeting of GLV's Shareholders
Management of GLV wishes to remind the community that the annual general meeting of the Company's shareholders will take place Wednesday, September 30, 2009, at 10:30 a.m., at the Sofitel Montréal Hotel, Pablo Picasso Room, 1155 Sherbrooke Street West, Montréal. The annual meeting will also be accessible via a live Webcast through GLV's website at www.glv.com. A link can be found on the homepage.
