Business
CEO Letter to the Shareholders of Thermal Energy International: Comments on Fiscal 2018 and Beyond
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / October 29, 2018 - Thermal Energy...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"CEO Letter to the Shareholders of Thermal Energy International: Comments on Fiscal 2018 and Beyond(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / October 29, 2018 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of industrial, commercial and institutional energy efficiency and sustainability solutions, would like to provide a corporate update to shareholders from its CEO, William Crossland. \n\n \n \nCEO Letter to the Shareholders of Thermal Energy International:\n\n \n \nComments on Fiscal 2018 and Beyond\n\n \n \nThe past fiscal year and the ensuing months witnessed unprecedented growth and transformation for Thermal Energy International. From the largest order in our history and solid growth in our base business, to growing our team and completing the acquisition of Boilerroom Equipment Inc. (\"BEI\"), we have moved ever closer to our goal to become a unique, one-stop-shop for all of our clients' thermal energy efficiency and sustainability needs. In fact, last week we announced two projects that were beyond our historical focus of energy efficiency, and were instead focused primarily on water recovery. These included, being commissioned to develop a water and heat recovery option for three proposed Canadian oil sand developments, and a $1.3 million order for the implementation of a water recovery system for a leading Fortune 500 food and beverage customer.\n\n \n \nRecord financial results\n\n \n \nLast December we announced our largest order in our history, an $11 million energy efficiency project with Resolute FP Canada Inc., which included the installation of two of our proprietary FLU-ACE(R) Heat Recovery Systems and the conversion of steam traps to our industry-leading GEM(TM) Steam Traps. While this mega project certainly contributed significant revenue to our fiscal 2018 financial results, it is important to point out, that even without this project, we would have had record revenue in fiscal 2018. It is also worth noting, that at the end of fiscal 2018, the majority of the revenue from this project was yet to be earned and recorded.\n\n \n \nFor fiscal 2018, we ended up with $17.4 million in revenue for the year, representing a 32% increase over fiscal 2017's revenue of $13.2 million, which was our highest annual revenue at the time. Our base business...