Monday January 7, 9:27 am ET
CONROE, Texas--(BUSINESS WIRE)--Shumate Industries (OTCBB:SHMT - News) announced today that its Hemiwedge Valve Corporation division has added four new valve sizes to their Hemiwedge® Cartridge Valve line.
The Company has recently added an 8” (inch) full bore 150 Class and 300 Class, and 10” (inch) reduced bore 150 Class and 300 Class. These sizes are available in manual and automated configurations and in carbon steel and stainless steel. The Company also announced that this new product release is part of an aggressive development program to bring the Hemiwedge® Cartridge Valve technology to targeted applications within a variety of growth markets. The Company’s current product line size range is now 2” through 10” 150 and 300 Class, 2” through 8” 600 Class, and 2” through 3” 900 Class. Additional sizes are pending.
The Hemiwedge® Cartridge Valve is a proprietary technology and new product line that targets process and industrial applications such as isolation block valves, emergency shut-down, CO2 and water injection, pipeline by-pass and drain, diverter valves, and especially critical shutoff of service fluids with entrained sand and abrasive particulates. Orders received to date have been for a variety of applications and include sour gas applications in gas gathering, mud diverter valves, pig launcher service, and brine storage well shutoff.
Hemiwedge®’s patented hemispherical wedge design offers improved shutoff performance with the wedging action during the final seating. The proprietary cartridge technology encases all the internal components of the valve within the pre-certified 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.
Stan Allen, Senior Vice President of Technology for HVC, stated, “This additional product size release is only one of many forthcoming. Since the technology is easily scalable, we have an ongoing program of developing, testing, and releasing additional sizes and features in response to market demand. Our next product release anticipated will be in higher pressure classes.” Mr. Allen continued, “The current breadth of the Hemiwedge® Cartridge Valve product line has enabled the Company to initiate strategic discussions with well entrenched marketing partners, which could accelerate the technology’s penetration in the marketplace.”
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, and 2.) Hemiwedge Valve Corporation, a proprietary new valve technology that targets mid-stream process and flow control markets with its Hemiwedge® Cartridge valve product line, sub-sea via a pending licensing deal for Hemiwedge® sub-sea high pressure valve product line, and Hemiwedge® down-hole valves under development for managed pressure drilling applications. 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 January 4, 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.