Names General Manager for the AETI Alliance Group Brazil
May 4, 2010 (GlobeNewswire) --HOUSTON, May 4, 2010 (GLOBE NEWSWIRE) -- At today's 2010 Oilfield Technology Conference, American Electric Technologies, Inc. (Nasdaq:AETI), the premium supplier of custom-designed power delivery solutions for the traditional and alternative energy industries, announced that the alliance agreement with Five Star Services Ltda. of Macae, Brazil has received approval from the Brazilian government, enabling the alliance to move forward in delivering products and services to a growing market.
The newly formed joint venture, AETI Alliance Group Brazil ("AAG"), named Jose Octavio as its General Manager. Octavio has years of product and services experience in the Brazilian offshore, marine, and industrial industries. Octavio holds a BS in Electrical Engineering and Electronics and will shortly complete his post-graduate degree in Business Administration. He brings 11 years of experience in the manufacturing and service business with ABB.
"Jose Octavio is well known and respected by the customers in the Brazilian Oil and Gas Exploration and Marine industry for his knowledge of electrical service," said Doug Williams – AETI's Vice President – International. "He has proven to many customers that his team is reliable and customer-service oriented while at ABB, and we look forward to Jose leading AAG to successful growth and profitability by offering the Brazilian customers high quality products and services."
Octavio commented: "The Brazilian Chemical Oil & Gas (COG) market is booming especially due to Petrobras investments planned for the future. The discovery of the pre-salt in Brazil boosted the national and international investment in this segment. AETI has a long, successful history in the oil and gas business in the U.S. and international markets. I look forward to helping make AAG a strong player in the Brazilian COG market as a solution provider of products & services for new vessels and rigs."
AETI Alliance Group Brazil (AAG) will provide full power distribution and control systems design; manufacturing of custom electrical - low voltage and medium voltage switchgear and distribution; motor control centers, AC and DC drives; consoles, and automation products and offshore services (electrical construction, electrical testing, electrical installation, and electrical start-up) to the Brazilian offshore and marine markets. AETI will support the technology and manufacturing processes. These products will be commissioned and supported by local Brazilian technical service staff of AAG. Construction and installation services will also be available on a local basis by AAG. In addition, Five Star and AAG have the capability to fabricate steel modules and completely outfit drilling and marine electrical systems for cost effective installations. AAG also plans to provide manufacturing and services in the industrial, land drilling, and alternative energy markets.
Manufacturing will occur at AAG's 10,000 sq. ft. manufacturing and service facility located in Macae, Brazil, and Five Star's 570,000 sq. ft. facility.
American Electric Technologies, Inc. (Nasdaq:AETI) is the premium supplier of custom-designed power delivery solutions to the traditional and renewable energy industries. AETI offers M&I Electric™ power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in three joint ventures, which have facilities located in Xian, China, Macae, Brazil, Singapore and Jakarta, Indonesia. AETI's SEC filings, news and product/service information are available at www.aeti.com.
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning our anticipated future revenues, profits, plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 25, 2010. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
CONTACT: Ward Creative Communications
Media Contact:
Shanta Mauney
713-869-0707
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American Electric Technologies, Inc.
Investor Contact:
John H. Untereker
713-644-8182
juntereker@aeti.com
