National Energy Services Starts Strong in Fiscal Year 2008 With Additional Orders From Repeat Customers
Posted on: Wednesday, 20 February 2008, 15:01 CST
EGG HARBOR TOWNSHIP, N.J., Feb. 20 /PRNewswire-FirstCall/ -- National Energy Services Company, Inc. (BULLETIN BOARD: NEGS) , today announced continuing strong demand for its Ozone Laundry System (OLS) and Energy Efficient Lighting Upgrades. Repeat orders from existing customers were responsible for a strong start to the Company's first fiscal quarter, which ends January 31, 2008. Repeat customers include, Golden Living skilled nursing facilities, which contracted for ten Ozone Laundry Systems and three HCF facilities for both the Ozone Laundry and Energy Efficient Lighting Upgrades. In addition, Saber Healthcare contracted for three installations, two for Lighting Upgrades and one Ozone Laundry System. National Energy Services helps long term care, hospitality, commercial and industrial facilities reduce energy costs through its customized cost effective products and management services.
NEGS president John Grillo said, "The strong demand from our existing customers is a testament to our installation teams and the proven energy savings achieved with the installation of our products. Even with these new installations we have only scratched the surface of the potential skilled nursing home facilities market. In addition to repeat business we are investing significant funds to build our sales team to better serve our expanding client base."
Currently the market for skilled nursing facilities is estimated at approximately 10,000 facilities representing a $300 million opportunity for the Company's Ozone Laundry System and NESC custom lighting upgrades. In addition, the Company has begun selling its Ozone Laundry System in the hospitality industry as a result of a successful test with the Hilton Hotel chain. With the average 250 room hotel saving $25,000 to $30,000 a year with the installation of the Ozone Laundry System, there are approximately 30,000 out of 60,000 hotels/motels which can benefit from NESC's services, representing a $500 million opportunity. "We are moving quickly to take advantage of our competitive position," Mr. Grillo said.
About National Energy Services Company, Inc.
National Energy Services Company is engaged in the business of providing state-of-the-art, comprehensive and cost-driven energy products and management aimed at lowering energy consumption and helping its customers buy energy more efficiently. Our services are designed to bring our customer minimal or no out of pocket cost. Our services include the Ozone Laundry System (OLS), Lighting Upgrades, Mechanical Systems (HVAC), Water/Sewer Conservation Methods and Energy Management. These aggregated energy management services are primarily marketed to commercial, industrial, hospitality and long term care facilities.
This release may contain projections or other forward-looking statements regarding future events or the future financial performance of National Energy Services Company. These statements are only predictions and reflect the current beliefs and expectations of National Energy Services Company. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation, (i) National Energy Services Company's unproven business model and limited operating history, (ii) National Energy Services Company's history of losses, (iii) the significant fluctuation to which National Energy Services Company's quarterly revenues and operating results are subject, (iv) other factors detailed in documents National Energy Services Company files from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Contact: Vicki Weiner VMW Corporate & Investor Relations 212-616-6161 info@vmwcom.com
National Energy Services Company, Inc.
CONTACT: Vicki Weiner, VMW Corporate & Investor Relations,+1-212-616-6161, info@vmwcom.com, for National Energy Services Company, Inc.
Web site: http://www.nescorporation.com/
Source: PRNewswire-FirstCall
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