Met-Pro Corporation's International Division Receives Equipment Order Totaling Approximately $750,000
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o Backlog of Orders at Historical High
Harleysville, PA, June 29 - Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE:MPR), announced today that the Company's International Division, in cooperation with the Company's Strobic Air subsidiary, has received an order to supply a total of fifty-three (53) Strobic Air Tri-stack(TM) fans for use at a major university located in Southeast Asia. The total value of this order is approximately $750,000. The equipment is expected to ship in the fourth quarter of the Company's current fiscal year.
The fans will be used to exhaust fumes from multiple laboratories within a new facility. This is the largest project of its kind ever undertaken in Southeast Asia. This order is from a new customer who is major contractor. Met-Pro Corporation's Strobic Air subsidiary was selected to provide this equipment based on their extensive experience in laboratory ventilation applications where safety is of the utmost importance. Met-Pro's reputation for responsiveness to customer requirements was also a major factor.
"This order follows a $1.0 million International Division order for Southeast Asia announced earlier this week," stated De Hont. "It demonstrates Strobic Air's reputation as a supplier of choice for critical laboratory ventilation requirements worldwide and confirms that our efforts to uncover new international business in Southeast Asia are working. We continue to be pleased by the steady stream of customer interest in our products and remain optimistic about our prospects for future awards of this type from Southeast Asia as well as other regions of the world."
De Hont also noted that "Met-Pro's backlog is at an historical high of $24.4 million compared with $21.7 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."
About Met-Pro
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.