Met-Pro Corporation Tri-Stack(TM) Fan Contract Increased to $2.3 Million
HARLEYSVILLE, Pa., March 25 /PRNewswire-FirstCall/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE:MPR), announced today that a $1.2 million order originally reported on October 30, 2007 to supply Strobic Air Tri-Stack(TM) fans for use in a research facility located in the Middle East has been increased to $2.3 million, making it one of the largest projects of its kind ever awarded in the region. The equipment is expected to ship in the second quarter of the Company's fiscal year ending January 31, 2009.
As a result of the amended contract, the Company's International Division, in cooperation with its Strobic Air subsidiary, will now supply a total of forty (40) Strobic Air Tri-Stack(TM) fans, utilizing eighteen (18) heat recovery plenums, to exhaust fumes from multiple research laboratories. Each of the fans will be equipped with Strobic Air's patented acoustical silencer nozzle, which minimizes sound output levels at the fan discharge. Strobic Air was awarded this project based on their reputation for innovative, best-in- class products to solve complex laboratory exhaust challenges. "Strobic Air's superior quality and outstanding performance continues to enhance its reputation as the worldwide supplier of choice for critical laboratory ventilation requirements," stated De Hont. "This order, our first with this leading international contractor, arose from the growing worldwide recognition of our ability to help solve the rising demand for more environmentally sensitive development. We remain optimistic that our innovative products and solutions will increasingly appeal to not only markets in the Middle East, but to markets around the world that need to meet the proliferation of environmental regulations."
About Met-Pro Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized, for the second consecutive year, as one of America's "200 Best Small Companies" by Forbes magazine. The Company was also recently named as one of America's "Top Publicly-Held Manufacturers" by Start-It magazine. Through its business units, in the United States, Canada, Europe and The People's Republic of China, a wide range of products and services are offered for industrial, commercial, municipal and residential markets worldwide. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; and filtration and purification technologies including proprietary water treatment chemicals and filter products. For more information, please visit http://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 news 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 http://www.met-pro.com/. Contact: Investor Contact: Joseph Crivelli
CONTACT: Investors, Gary J. Morgan, Senior Vice President of Finance, Web site: http://www.met-pro.com/
2008-03-25 09:17:50 0319556 PRNEWSWIRE
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