ThermoEnergy Reports Second Quarter 2010 Financial Results

LITTLE ROCK, Ark., Aug. 16 /PRNewswire-FirstCall/ -- ThermoEnergy Corporation (Pink Sheets: TMEN) a diversified technologies company engaged in the municipal and industrial wastewater treatment and power generation technologies, today announced first half 2010 revenues of $1.4 million. ThermoEnergy also achieved numerous key milestones that they believe will allow them to position the company for future success and growth.

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Key Operational and Financial Highlights:

• Signed $27.1 million contract with City of New York to deploy a state-of-the-art ammonia recovery system at the City's 26th Ward Wastewater Treatment Plant situated on Jamaica Bay.
  • New York City will implement ThermoEnergy's CASTion Ammonia Recovery Process to reduce nitrogen discharges that depletes oxygen levels in bay and its ability to support aquatic life.
  • Once treatment plant is in full operation, the company's CASTion Ammonia Recovery Process (ARP) will prevent approximately 2.4 million pounds of ammonia from entering Jamaica Bay each year.
  • When operational, the ARP facility will treat 1.2 million gallons of water per day.
• CASTion, a ThermoEnergy Corporation subsidiary, was chosen by The Artemis Project™ as a winner of the 2010 Top 50 Water Companies Competition.  This award distinguishes CASTion as a leading company in one of the greatest high-growth industries of the 21st Century.  CASTion was selected by a panel of industry experts based on four criteria: technology, intellectual property and know-how, team and market potential.
• Recently completed a private placement of $5.0 million of Series B Convertible Preferred Stock

"Our first half financial results reflect improvement over last year," said Cary Bullock, President and Chief Executive Officer of ThermoEnergy. "We are proud to have completed two large projects this year and have now started work on our New York City contract which will have a major positive impact on our financial results over the next several quarters.  Going forward we plan to leverage our New York City contract, in order to enter new markets in an effort to increase earnings, expand market share, and improve overall shareholder value"

First half 2010 revenues were $1.4 million compared to the first half of 2009 revenues of $1.6 million.  Operating expenses were $3.5 million in 2010 compared to $4.1 million in 2009. Net loss attributable to common stockholders for the first half of 2010 and 2009 was $7.6 million and $5.4 million, respectively. Excluding non-cash charges related to financing transactions as well as stock option and warrant expenses, EBITDA loss for the first half was $2.4 million in 2010 and $3.0 million in 2009. We had cash on hand on June 30, 2010 of $1.8 million and raised an additional $5.0 million on August 9, 2010. For additional details, please see our 2010 Form 10-Q filed with the SEC today.

Shareholder Conference Call

The company will host a conference call today at 11 a.m. ET. During the call, management will make a brief presentation focusing on the company's results, strategies and operating plans. Those wishing to dial in to the call via telephone can do so, toll free, at: 1-877-941-4775. Toll/International: 1-480-629-9761. Conference ID: 4344880. A live webcast will be available at http://viavid.net/dce.aspx?sid=00007942 . The event is optimized for Windows media player version 9 and Internet Explorer 8.0.

About ThermoEnergy:

Founded in 1988, ThermoEnergy, with its subsidiary CASTion Corporation, is a diversified technologies company engaged in the worldwide commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com, or www.castion.com.

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. 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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