ThermoEnergy Reports 2009 Financial Results and Provides an Update on the Status of the Business

LITTLE ROCK, Ark., April 1 /PRNewswire-FirstCall/ -- ThermoEnergy Corporation (Pink Sheets: TMEN) today reported 2009 revenues of $4.0 million as compared to 2008 revenues of $1.7 million. Operating expenses were $7.9 million for 2009 which were down from $13.7 million in 2008. Loss from operations was $7.8 million in 2009 versus $14.4 million in 2008. Net loss attributable to common stockholders for 2009 and 2008 was $15.7 million. 2009 included other noncash charges relating to our financing transactions during the year. We had cash on hand on December 31, 2009 of $1.1 million. For additional details, please see our 2009 Form 10-K filed with the SEC yesterday.

The Company has substantially completed its recapitalization plan announced in September 2009 which included the election of a new Board of Directors and the hiring of a new management team. The new management team has refocused the Company on its primary CAST platform technology in the industrial and municipal wastewater industry which can be applied to many ARP, metals, chemical, and other recovery applications. The new management team is also accelerating the Company's options to develop its carbon reducing clean energy technology.

The Company continues to work very closely with both the New York City Department of Environmental Protection as well as the Mayor's office to finalize a contract that will provide the city with state-of-the-art technology that will allow the City to achieve its goal of restoring Jamaica Bay to health as outlined under the Mayor's Jamaica Bay Watershed Protection Plan. Once in full operation, the Ammonia Recovery Process ("ARP") system, to be located at the City's 26th Ward Water Pollution Control Plan, will prevent approximately 2.4 million pounds of ammonia from entering Jamaica Bay each year. The Company looks forward to working with DEP to pioneer this advanced ammonia treatment technology not just for use by New York City but other municipalities within the U.S. and abroad who are seeking cost-effective and environmentally responsible ways of dealing with nitrogen/ammonia regulations.

In conjunction with our joint venture partner, Babcock Power Inc., we have changed the name of our carbon reducing energy technology from TIPS (ThermoEnergy Integrated Power System) to ZEBS (Zero Emissions Boiler System). As our joint venture continues to develop this technology for commercialization, we believe that the name change better reflects the broad application of this radical new technology to build new or retrofit old fossil fuel power plants globally with no emissions while capturing carbon dioxide as a liquid for ready sequestration more economically than other competing technology.

Finally, in an effort to be more transparent and keep our stakeholders abreast of what we are doing, the Company plans to start holding quarterly investor calls beginning with the release of our 2010 first quarter's results.

Mr. Cary Bullock, the President and Chief Executive Officer of ThermoEnergy said, "2009 was a year in transition. We resolved our legal issues, recapitalized the Company, strengthened our board and management team, put a plan in place to resolve our tax issues, and positioned the Company for future growth. 2010 is a rebuilding year for us. We are expanding our sales organization, plan to sign and start the NYC ARP project, develop additional strategic partnerships, engineer and possibly contract to build a ZEBS pilot plant, and raise additional capital. I'm confident that these efforts will lead to a year of high growth in 2011."

About ThermoEnergy:

Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. The wastewater treatment technologies are consolidated in a wholly-owned subsidiary, CASTion Corporation ("CASTion"), a fast growing developer and manufacturer of innovative wastewater treatment and recovery systems for industrial and municipal clients, with large-scale systems operating in the U.S., Mexico, Canada and Japan. The systems are unique because they meet environmental regulations while providing a rapid return on investment by recovering and reusing expensive feedstocks, reducing contaminated wastewater discharge and reusing wastewater in process operations. CASTion's wastewater treatment systems have application in aerospace, food processing, microelectronics, metal finishing, refineries, pulp & paper, heavy manufacturing and municipal wastewater.  All systems are assembled and shipped from a 20,000 square foot fabrication facility in Worcester, Massachusetts. The Company, headquartered in Little Rock, Arkansas, has additional offices in Phoenix, Arizona and New York, NY. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com, or www.castion.com for specific information on its wastewater treatment systems.

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORD "BELIEVE", "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FORWARD LOOKING STATEMENTS. FACTORS THAT WOULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, CONTINUED ACCEPTANCE OF THE COMPANY'S PRODUCTS AND SERVICES IN THE MARKETPLACE, COMPETITIVE FACTORS, CHANGES IN REGULATORY ENVIRONMENTS AND OTHER RISKS DETAILED IN THE COMPANY'S PERIODIC REPORT FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.

SOURCE ThermoEnergy Corporation

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