OTTAWA, ONTARIO–(CCNMatthews – July 27, 2004) – Thermal Energy International Inc. (the "Company") (TSX-V: "TMG") (www.thermalenergy.com) announces that it has elected not to proceed with the recently announced (June 24 and July 8) University contract.
Thermal Energy has decided not to proceed with the University contract with Johnson Controls LP (JCLP), at this time due to significant project design specification changes. These changed conditions do not allow the hi-end FLU-ACE solution to be cost effectively applied in order to achieve the maximum energy savings potential available, nor would the solution achieve the desired revenue and margins for the Company.
Thermal Energy has been concentrating its resources on the successful closing of two other major, high profile, industrial contracts in association with Johnson Controls LP in Canada. These significant contracts are valued in excess of $ 2 million and are expected to render the desired margins for the Company. These contracts are expected to book by mid to late Fall 2004. Additionally, Thermal Energy is in the discovery and qualification phase for several other major project opportunities in the Midwest and Northeast U.S.
About Thermal Energy
Thermal Energy is a leading environmental and energy technology company since 1986. Headquartered in Ottawa, Canada, it is an established designer, developer, fabricator, and supplier of superior proprietary and patented environmental compliance (air) and energy conservation, renewable energy products and technology solutions. Thermal Energy is also a fully accredited professional engineering firm, and offers advanced process and applications engineering services. FLU-ACE is a registered trademark of Thermal Energy. More information can be found at: www.thermalenergy.com.
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Contact:
Thermal Energy International Inc.
Mr. Lindsay Malcolm
Investor Relations & Director
Phone: Toll Free: 1-866-222-3469
Email: lindsay.s.malcolm@thermalenergy.com
or
Thermal Energy International Inc.
Mr. Thomas Hinke, ChE, P.Eng
President & CEO
Phone: (613) 723-6776
Email: thomas.v.hinke@thermalenergy.com
Website: www.thermalenergy.com