GOLDEN, Colo., Jan. 3, 2001 (BUSINESS WIRE)Global Water Technologies, Inc. (OTCBB:GWTRD), a company which provides process cooling water to power producers and industry worldwide, today announced that it had received $65 million of new contracts in fiscal year 2000, including substantial contracts in the power industry which resulted in record backlog going into 2001.
Commenting on the results, George Kast, President and CEO, stated: “We are pleased that our innovative designs and marketing approaches have resulted in another record year for new contracts. The power industry in particular, relies heavily on cooling water to produce power and is realizing the value of our technology and services.
“We can substantially improve the efficiency, megawatt output and profitability of a power plant which is typically cooling water limited. We have proven that our technologies and proprietary software can help power producers identify these limitations in their plants, and we can provide the equipment and services needed to recover these lost megawatts.
“Our programs come at a critical time when power costs are at an all time high not only for the power producers, but also for the consumer. Our record backlog going into 2001, coupled with the continued expansion in the power industry, will provide for future growth and profitability.”
About Global Water Technologies
Global Water Technologies, Inc.’s global strategy is to invest in and develop business opportunities in the water industry. In support of this strategy, GWT has three synergistic subsidiaries that represent this strategy and business.
The first wholly owned subsidiary, Psychrometric Systems, Inc. (PSI), provides process cooling water primarily through the design, engineering and project management of water cooling towers to industrial and manufacturing clients worldwide. Applied Water Technologies, Inc. (AWT), another subsidiary of GWT, provides our customers with proprietary environmentally-sound water treatment systems and services which are designed to meet the growing need for cooling water treatment and re-use worldwide.
Global Water Services, Inc. (GWS), another wholly owned subsidiary of GWT, provides total cooling water solutions and service programs to our customer base, including cooling water systems and water treatment services.