Wednesday February 27, 9:00 am ET
CONROE, Texas--(BUSINESS WIRE)--Shumate Industries (OTCBB:SHMT - News) announced today that its Hemiwedge Valve Corporation (HVC) division has completed development of high pressure, high flow, metal-seated valves utilizing its proprietary Hemiwedge valve technology. The all metal-seated product line is available in ANSI / ASME Pressure Class 900, 1500, 2500, and 4500, and in 5000, 10000, 15000, 20000 psig ratings. Process connection sizes currently available are ¼” through 1”. The newly developed product line is factory tested for bi-directional zero-leakage, and available in carbon steel, stainless steel and high nickel alloys. A resilient seat option is also available.
Stan Allen, HVC’s VP of Technology and Business Development, stated, “Achieving zero leakage, bi-directional shutoff at pressures up to 20000 psig in a metal-to-metal seat design is a significant development in itself. By utilizing a variation of the Hemiwedge® sealing and operating principle, we are also able to provide a much needed product for high flow applications such as chemical injection.” Mr. Allen further stated that, “HVC anticipates use of this product in a variety of markets such as chemical, power, and conventional oil and gas production and process applications due to the ease of repair and automation.”
The high pressure, metal-seated valve line supplements the Hemiwedge® Cartridge Valve product line, which utilizes the same operating principle in ANSI / ASME B16.34 design valves in sizes 2” to 10” and pressure classes 150 to 900. The cartridge feature also permits the valve to be serviced without removing the valve body from the line, significantly reducing costly down time.
HVC’s President, Ken Chickering stated, “We completed prototype testing of the high pressure, metal-to-metal seat design in order to move forward with a licensing arrangement for sub sea applications. This same technology may also be adopted into non-sub sea applications including higher margin severe service market segments”.
Hemiwedge Valve Corporation is currently identifying strategic marketing channels for this innovative technology.
About Shumate Industries, Inc.
Shumate Industries, Inc. is a Texas-based energy field services company that incorporates new technologies to bring products to market leveraging its existing infrastructure, expertise and customer channels. The Company operates through two wholly owned subsidiaries, 1.) Shumate Machine Works, a contract machining and manufacturing division focused in oilfield tubular products, and 2.) Hemiwedge Valve Corporation, a proprietary new valve technology division. The Hemiwedge® division commercialized its Hemiwedge® Cartridge valve product line targeting oil, gas, process and power markets in early 2007 and is in prototype development of its Hemiwedge® sub-sea high pressure valve product line and a Hemiwedge® down-hole valve product line which it intends to commercialize via corporate partners. For additional information on the Company and its products please visit www.shumateinc.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 its debt, difficulties in consolidating the operations of the Company's operating subsidiaries, 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 industry, restrictive covenants in our existing credit facilities, fluctuations in metals prices, 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 26, 2008 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.