Met-Pro Corporation's International Division Receives Equipment Order Totaling Approximately $1.0 Million
o Backlog of Orders at Historical High
Harleysville, PA, June 27 - Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE:MPR), announced today that the Company's International Division has received an order to supply laboratory control systems, including venturi valves, various sensors and controllers, for use in a new facility under construction at a major university in Southeast Asia. The total value of this order is approximately $1.0 million. The equipment is expected to ship in the fourth quarter of the Company's current fiscal year.
This order is from a new customer who is a large building automation system supplier. The systems, which will control fume hood and general laboratory exhaust and supply air, temperature and humidity, will be used to maintain safe laboratory conditions while achieving proper pressure balance in the laboratories.
"This order demonstrates that our efforts to uncover new international business in Southeast Asia are working," stated De Hont. "Together with a steady stream of customer interest and quotation activity, this order allows us to remain optimistic about our prospects for future awards in Southeast Asia."
De Hont also noted that "with this order, Met-Pro's backlog is at an historical high of $23.3 million compared with $20.7 million for the same date last year, an increase of 12%. A high percentage of this backlog is expected to be shipped during the current fiscal year."
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, manufactures and sells product recovery and pollution control equipment for purification of air and liquids and fluid handling equipment for corrosive, abrasive and high temperature liquids. The company, established in 1966, provides products to residential, commercial, industrial and municipal markets that include, but are not limited to, pharmaceuticals, chemicals, petrochemicals, water and aquariums. For more information, please visit www.met-pro.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company) contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's Web site at www.met-pro.com.