Capstone Receives $3.0M in Follow-on Orders From Two Large Oil & Gas Customers
CHATSWORTH, Calif., Oct. 5, 2009 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced it received follow-on orders from two large oil and gas customers. The total value of the two follow-on orders is approximately $3.0 million for forty-two C30s, one C600 and one C1000. Both of the orders are scheduled for shipment before the end of Capstone's year end on March 31, 2010.
One order is from Aquatec-Maxcon Pty Ltd, Capstone's distributor for the Australian market. The order is for C30 microturbines that will be used in a large coal seam gas exploration and production project in Australia. "These units are a follow-on to the original order for over one hundred C30s last year," said Ron Howick, Equipment Division Manager for Aquatec-Maxcon. "Our coal seam gas exploration and production customer has been pleased with the performance and reliability of the initial C30 units first installed late last year and is in the process of increasing its drilling operations as it has scheduled to drill thousands of wells over the next five years," added Howick.
Established in 1970 and headquartered in Ipswich, Queensland,Australia, Aquatec-Maxcon also has offices in Sydney and, through its sister company, PT Aquatec-Maxcon Indonesia, it has offices in Jakarta and Surabaya. Aquatec-Maxcon is Australia's leading provider of water and wastewater technology and distributed generation solutions.
"Aquatec has done a tremendous job in placing Capstone products in not only the coal seam gas market but also in offshore platforms, hotels, green buildings, data centers and waste water treatment plants all over Australia," stated Jim Crouse, Capstone's Executive Vice President of Sales & Marketing.
The second order received was from Capstone's distributor, Pumps & Service, for one C1000 and one C600. This is a follow-on order to the first two C600's sold for use in the oil and gas industry in July 2009.
Headquartered in Farmington, New Mexico, Pumps & Service has been inbusiness as a division of Henry Production since 1978. The company specializes in the sale and service of engines, generators, wastewater systems and air compressors for various applications including oil fields, commercial, municipal, federal and agricultural applications among others.
"Our end use customer for these C600 and C1000 products is a unit of one of the largest interstate natural gas transmission companies in North America. The installations are in remote gas transmission pipeline stations," said Bryan Hensley, Pumps & Service's Vice President of Marketing & Sales.
"Both of these follow-on orders are from oil and gas customers that operate in harsh remote environments and by forward-looking corporations that are sensitive to lowering their green house gas emissions," said Darren Jamison, Chief Executive Officer of Capstone Turbine Corporation. "With the high financial impact of operating equipment in a remote geographic area, failures at these types of locations are not acceptable to premier oil and gas clients," added Jamison.
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 4,000 Capstone MicroTurbine(r) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2000 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in the New York metro area, Mexico City, Nottingham, Shanghai, Singapore and Tokyo.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products and the sustainability of our products for oil and gas customers. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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Released October 5, 2009