ThermoEnergy Reports Third Quarter 2010 Financial Results; Will Hold A Shareholder's Meeting On November 18, 2010

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ThermoEnergy Corporation

Nov 15, 2010, 08:15 ET

WORCESTER, Mass., Nov. 15, 2010 /PRNewswire-FirstCall/ -- ThermoEnergy Corporation (OTC Bulletin Board: TMEN), a diversified technologies company engaged in the municipal and industrial wastewater treatment and power generation technologies, today announced revenues for the first nine months of 2010 of $2.1 million and achieved the following milestones:

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Key Operational and Financial Highlights:

  • Submitted engineering specs for key 30% milestones of Phase 1 of our $27.1 million contract with the City of New York
  • Signed strategic alliance with Contego Systems to recover and recycle airport deicing fluid
  • Company's common stock relisted for active trading on the OTC bulletin board
  • Completed a private placement of $5.0 million of Series B Convertible Preferred Stock
  • Hired Vice President of Project Management
  • Hired Vice President of Sales
  • Significantly expanded our active sales rep network
  • Settled Lawsuit with former CASTion shareholders

Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy said, "Our 2010 results reflect continued improvement in the health of the Company. We have strengthened our balance sheet, our team, and our business. These accomplishments are positioning the company for strong growth in 2011 and we are now well on our way in the design phase of our New York City project. I look forward to giving our quarterly business update this Thursday at our shareholder meeting."

Revenues for the first nine months of 2010 were $2.1 million as compared to $2.6 million in 2009. Operating expenses for the first nine months of 2010 were $5.3 million in 2010 compared to $6.7 million in 2009. Net loss attributable to common stockholders for the first nine months of 2010 was $15.4 million and $10.1 million 2009. The net loss included a non-cash deemed dividend to Series B Convertible Preferred Stockholders of $6.9 million as a result of our third quarter's financing transactions. Excluding non-cash charges related to financing transactions, deemed dividends, as well as stock option and warrant expenses, EBITDA loss for the first nine months was $3.6 million in 2010 and $5.0 million in 2009. We had cash on hand on September 30, 2010 of $5.7 million. 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 during our shareholder's meeting on Thursday, November 18, 2010 at 10:30 a.m. ET, at the offices of Nixon Peabody LLP, 100 Summer Street, Boston, Massachusetts in lieu of a separate investor call this quarter. 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: 1-877-941-2321. Toll/International: 1-480-629-9714. Conference ID: 4379052.

A live webcast will be available at:

http://www.talkpoint.com/viewer/starthere.asp?Pres=132995

This event is optimized for Windows Media Player and Internet Explorer 8.0. Mac users should use the latest version of Safari.

A recording of the call will be available at the above link.

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. 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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