CONROE, Texas, Jan. 7 /PRNewswire-FirstCall/ -- Shumate Industries (OTC Bulletin Board: SHMT - News) announced today that its Hemiwedge Valve Corporation (HVC) subsidiary has been awarded an order for approximately $200 thousand from MPO, an oilfield services company based in South East Asia, for delivery by April, 2009.
The Company stated that the order's sizes range up to six inch bore size with various pressure classes up to ANSI 900 Class. The Hemiwedge® Cartridge valve product line will be utilized for drilling applications in the Pacific Rim area.
Mr. Christian Leuchtenberg, President of MPO, said, "We are pleased to award HVC this order for the Hemiwedge® Cartridge valve. Their product's cartridge feature is a big plus for our customers as the valves in this service are typically welded-in line. After witnessing a significant test run of the product in service, we realized the product design would hold up well in this difficult application that typically wears valves more frequently from the heavy mud and entrained solids that run through the lines."
The Company's current product line is two inch size through twelve inch (with custom sizes up to 20 inch) and pressure classes from ANSI 150 through 1500 class and API 6D monogrammed applications. Multiple internal trim packages are available including metal-to-metal seals for high temperature or severe service applications with timely deliveries.
Ken Chickering, HVC's President, said, "After our success domestically in this application with other companies, we are pleased that MPO placed an order for their needs in Asia. We look forward to additional business with MPO in 2009."
Mr. Chickering continued to note, "HVC anticipates a robust sales adoption for the Hemiwedge valve technology in 2009 and beyond as initial customers now place repeat orders and longer product test trials in new applications return with excellent results and end-user orders."
The Hemiwedge® Cartridge valve is an innovative design that incorporates the positive features of ball, gate, plug and high performance valves resulting in a mechanically sealing, tight shutoff valve with a simple operation that provides outstanding longevity and performance in a broad range of applications with minimal maintenance. The proprietary Cartridge technology encases all the internals of the valve within the Cartridge and allows in-line replacements, significantly reducing down-time and supply disruption, especially in higher maintenance service applications containing entrained solids such as line scale, sand, and debris.
About Shumate Industries, Inc.
Shumate is a publicly-traded holding company that operates as a global supplier of engineered valve products through its Hemiwedge Valve Corporation ("HVC") subsidiary. In its 60,000 square foot ISO 9001 and API Q1 approved facility in Conroe, Texas, the Company manufactures and markets worldwide a patented proprietary new valve technology known as the Hemiwedge® Cartridge valve product line. The Hemiwedge® Cartridge valve is an innovative design that incorporates the positive features of ball, gate, plug and high performance valves resulting in a mechanically sealing, tight shutoff valve with a simple operation that provides outstanding longevity and performance in a broad range of applications with virtually no maintenance. HVC's Hemiwedge® Cartridge valve product line currently ranges in sizes from two inch to twelve inch, and custom sizes to twenty inches, ANSI class 150 through 1500 and API 6D applications such as refining, mining, process, pipeline, mid-stream and petro-chemical markets. For additional information on the Company and its products, please visit www.hemiwedge.com.
Forward-Looking Statements
This document contains discussion of items that may constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, customer concentration risk, difficulties in refinancing or restructuring its debt, difficulties in accelerating internal sales growth, volatility of the energy business and its effects on the Company's business, difficulties in new technology acceptance within the energy and process industries, restrictive covenants in our existing credit facilities, fluctuations in metals prices, political and economic global supply chain risk, general economic conditions in markets in which we do business, extensive environmental and workplace regulation by federal and state agencies and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. All information provided in this release and in the attachments is as of January 07, 2009 and the Company undertakes no duty to update this information.
Contact:
North Coast Advisors, Investor Relations for the Company:
Craig Stewart, Principal, at 5852187371, or,
Don Michlin, Principal, at 9362712423
The Company:
Shumate Industries, Inc., Conroe, Texas
Matthew Flemming, CFO 9365395770
Source: Shumate Industries, Inc.