CONROE, Texas, Feb. 18 /PRNewswire-FirstCall/ -- Shumate Industries (OTC Bulletin Board: SHMT) today announced that its Board of Directors has effected a Company name change previously approved by the shareholders. The Company has announced the new name is 'Hemiwedge Industries Incorporated' (NEW STOCK SYMBOL OTCBB: HWEG) effective February 19, 2009. The operating company, Hemiwedge Valve Corp, remains a wholly-owned subsidiary of Industries.
Mr. Ken Chickering, President of the Company noted, "We are pleased to continue to progress as a Company and this name change is indicative of the future focus of this Company. We believe the continued acceptance of our Hemiwedge® Cartridge valves, by end users requires us to improve our branding and marketing efforts, and the name change will better support a larger installed base of our products and future customers.”
The Company’s Hemiwedge® Cartridge valve has a 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 Hemiwedge® Industries, Inc.
Hemiwedge Industries is a publicly-traded holding company that operates as a global supplier of engineered valve products. The Company distributes their proprietary valves through their 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 twenty inches, ANSI 150 to 1500 Class and is marketed in applications such as refining, mining, process, power, pipeline, mid-stream and petro-chemical markets. For additional information on the Company and its product line, 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 February 18, 2009 and the Company undertakes no duty to update this information.
Contact:
North Coast Advisors, Investor Relations for the Company:
Craig Stewart, Principal, at 585-218-7371, or,
Don Michlin, Principal, at 936-271-2423
The Company:
Shumate Industries, Inc., Conroe, Texas
Matthew Flemming, CFO, 936-539-5770
Source: Hemiwedge Industries, Inc.