Category: Oil & Gas

Hemiwedge Industries (OTCPK: HWEG) Announces $512 Thousand Order for Its Hemiwedge(R) Cartridge Valve From Energy Service Company

Hemiwedge sees increased opportunities for on-shore activities with this multi-national energy services customer

CONROE, Texas - June 8, 2010 (Investorideas.com energy newswire) - Hemiwedge Industries, Inc. (Pink Sheets:HWEG.pk), a global supplier of engineered valves, today announced it has received an order for $512 thousand for its Hemiwedge® Cartridge valves from an energy services customer headquartered in Houston, Texas, with operations worldwide.

The purchase order was issued to Hemiwedge Valve Corp (HVC), the operating subsidiary of Hemiwedge Industries that sells the patented valve product line. The purchase order is for six inch ANSI class valves for mud-diverter service applications. The deliveries are scheduled to occur over the remainder of the second quarter and into the third quarter 2010.

 

The customer likes the Hemiwedge® unique stationary internal "core" feature that allows the valve to operate and shut off in drilling mud that contains formation chips. The "Cartridge" feature of the valve allows repair in minutes with the valve remaining in the line, compared to other legacy design ball valves which can require a factory serviceman or removing the entire valve to return to the factory.

Mr. Ken Chickering, CEO of Hemiwedge Industries, said, "We are particularly pleased of an order this size from a relatively new customer expressing confidence in the Hemiwedge® Cartridge valve's proven performance in this application. The Company also believes this customer's international on-shore activity levels could lead to additional orders for the product."

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 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.

Visit the HWEG showcase profile at Investorideas.com http://www.investorideas.com/CO/HWEG/ Request News and Info on HWEG: http://www.investorideas.com/Resources/Newsletter.asp

Published at the Investor Ideas Newswire http://www.investorideas.com/RSS/feeds/IIMAIN.xml

Investors: Sign up for free newsletter, stock and sector news alerts at Investorideas.com: http://www.investorideas.com/Resources/Newsletter.asp  Or publish your own stock picks and share your investing and trading ideas with other investors. Publish your investor ideas today! http://www.investorideas.com/membership/investor-ideas-stocks-submission.asp

Investorideas.com goal for 2010: 'One Million Members Stronger', empowering one million investors to invest in innovation and technology for a better world. Join us today! http://www.investorideas.com/membership/

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. www.investorideas.com/about/disclaimer