GOLDEN, Colo., Sept. 10, 2001 — Global Water Technologies, Inc. (GWT), a full-service cooling water treatment company utilizing advanced technologies and engineered solutions to provide process cooling water to power plants, process industries and municipalities, worldwide, today announced that its Psychrometric Systems, Inc. (PSI) subsidiary has been awarded over $100 million in contracts this year.
When completed, these facilities will supply cooling water to the electric power industry and process industries worldwide.
Commenting on this milestone, George Kast, President and CEO stated: "This is truly a milestone and a significant achievement for GWT. We have already exceeded last year's awarded contracts (bookings) by over 49% with 4 months remaining this fiscal year. Our backlog has reached record levels and our bookings forecast remains strong. Industry, the world's second-largest water user, is realizing the value of water in their facilities and GWT is well-positioned to capitalize on these market opportunities. A substantial portion of the revenues and profits associated with these contracts will be recognized in future quarters, which will have a positive impact on earnings going forward."
About Global Water Technologies
Global Water Technologies, Inc. is a company with major interests in the areas of power, energy and water. The company utilizes its proprietary technologies to enhance power production by providing cold, clean water to increase operating efficiencies, reduce water use and operating costs.
Through this process, GWTR is able to increase their client's power output by up to 10% depending upon age, design and efficiency of the plant. GWTR's client base includes but is not limited to the following companies: Archer Daniels Midland, British Petroleum Amoco, Calpine, Duke Fluor Daniel, Enron subsidiary companies, General Electric, Kerr McGee, Mitsubishi, Mobil, Raytheon Company, Texaco, and YORK International.
