Investorideas.com energy stock news

Showing posts with label Inc. (OTCPK: HWEG). Show all posts
Showing posts with label Inc. (OTCPK: HWEG). Show all posts

Thursday, October 7, 2010

Oil and Gas Stocks; Hemiwedge Industries, Inc. (OTCPK: HWEG) Marketing and Operations Update

Oil and Gas Stocks; Hemiwedge Industries, Inc. (OTCPK: HWEG) Marketing and Operations Update
Revenues Increase 270% for the Nine Months Ending September 30, 2010 vs. Same Period in 2009
Share this news:
AddThis Social Bookmark Button

Subscribe to Investor Ideas NewswireSubscribe to Investor Ideas Newswire
Visit this company: http://www.hemiwedge.com/
CONROE, Texas - October 7, 2010 (Investorideas.com energy stocks newswire) - Hemiwedge Industries, Inc. (OTCPK :HWEG), a global supplier of engineered valves focusing in oil/gas production, refining, mining, process, pipeline, power, mid-stream and petro-chemical markets, issued the following marketing and operations update of the Company's progress today. Since the Company's update release in July 2010, the Company has acquired six new customers domestically and internationally and continued to grow operations.
Revenues for the Third Quarter and Nine Months ending September 30, 2010
Unaudited revenues for the third quarter ending September 30, 2010 were approximately $946,000, or an increase of 201%, as compared to the third quarter 2009. Revenues for the first nine months ending September 30, 2010 were approximately $2.53 million, or an increase of 270%, compared to the first nine months ending September 2009. Based on third quarter 2010 customer indications, company quotation activity and industry feedback, the Company currently anticipates some customer capital projects to be forthcoming in early 2011 that could bring sizable orders for its Hemiwedge® Cartridge valve product line.
Backlog and sales pipeline and overseas growth
Current backlog of purchase orders received, not yet shipped, totaled approximately $355,000 on September 30, 2010. The customers associated with this backlog include a domestic oilfield tool rental company, an energy services customer, a chemical process company and a products pipeline company. Quote activity has increased this year as compared to a year ago and the Company anticipates increasing future backlogs and orders.
New Customers and New Applications for Hemiwedge® Cartridge valve.
The Company's patented Hemiwedge® Cartridge valve product line continued to grow in the third quarter of 2010 with new customers in Canadian oil sands applications, oil production manifolds in South America, gas compressor applications domestically and a titanium dioxide process application with a European customer.
Public filing status
The Company currently anticipates these filings brought current by the end of this fiscal year possibly in two waves. The first, 2009 filings including the Company's annual report on Form 10-K completed and filed, then, the 2010 quarterly reports on Form 10-Q completed and filed. Getting the SEC filings current continues to be a priority for the Company.
About Hemiwedge Industries, Inc.
Hemiwedge Valve Corporation ("HVC"), a wholly-owned subsidiary of Hemiwedge Industries, operates as a global supplier of engineered valve products. In its 60,000 square foot ISO 9001 and API Q1 approved facility in Conroe, Texas, the Company manufactures and markets worldwide a patented proprietary valve technology known as the Hemiwedge® Cartridge valve product line. The Hemiwedge® Cartridge valve is a proven innovative design that incorporates a hemispherical wedge to provide a mechanically sealing, tight shutoff valve with a simple quarter-turn operation that provides outstanding longevity and performance in a broad range of applications. Unlike ball valves, the stationary core of the Hemiwedge® Cartridge valve directs flow away from the seat surfaces which allows longer service life. The "Cartridge" feature reduces expensive downtime during valve maintenance as all of the internal parts of the valve are attached to the bonnet, as a Cartridge, which allows a quick exchange of all the internals of the valve while the valve body remains in the line. This feature is especially relevant in weld-in line valve bodies and severe service applications. Hemiwedge® Cartridge valve has been successfully used by reference customers in applications including refining, mining, process, pipeline, power, mid-stream and petro-chemical markets. The product line currently ranges in bore sizes from one inch to twenty inches, API 6D monogram, and ANSI class 150 through 900. For additional information on the Company and its products, please visit http://www.hemiwedge.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 or restructuring its debt, 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 and process industries, restrictive covenants in our existing credit facilities, fluctuations in metals prices, an inability to perform customer contracts at anticipated cost levels, political and economic global supply chain risk, 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 May 11, 2010 and the Company undertakes no duty to update this information.
Disclosure: HWEG is a paid advertising client on Investorideas.com and our energy, natural gas, and oil and gas portals.
More Info:
Published at http://www.investorideas.com/ - Global research by sectors
If you have any questions regarding information in this press release please contact the company listed in the press release.
Connect with Investorideas.com
Follow Investorideas on Twitter
Publish Your News - Send a release Publish Your News - Send a release
Disclaimer: The following news is paid for and /or published as information only for our readers. Investorideas.com is a third party publisher of news and research .Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising.



More Investorideas.com Oil and Gas Investor content : www.OilandGasStockNews.com an energy stocks investor portal within InvestorIdeas.com provides investor research, energy stocks and industry commentary from Karl Miller, stock news and energy links as well as a directory of public companies within the oil and gas sector. Investors can follow energy news by subscribing to the energy stocks newswire at: http://www.investorideas.com/RSS/feeds/Energy.xml

Oil and gas stocks - become a showcase energy stock on www.investorideas.com and its energy portals and blogs for as little as $1000 month !