MissionIR would like to highlight Profire Energy, Inc. (
OTCQB: PFIE). The company manufacturers, installs, and services Burner Management Systems (BMS) for the oil and gas industry. In the oil and natural gas industry, various applications (e.g. tanks, line heaters, separators, dehydrators, amine reboilers, etc.) are used in the production and transportation of oil and natural gas. These applications require heat, which is used to facilitate the proper function of the application. To provide that heat, a burner is used within the application. The company's primary products, Burner Management Systems, monitor and manage this burner. Burner Management Systems help to make oil and gas companies safe, more efficient, and more compliant.
In the company’s news,
Profire Energy offered markets a corporate update today covering their most recent developments and logistical growth initiatives.
Chief among the topics covered was successful completion of Phase 1 of the planned expansion of the company’s facilities in Utah, where enough office space has prepared for immediate (as well as future), sales, management, and administrative personnel requirements. With this Phase 1 work having wrapped earlier in the month, PFIE now has its sights set on the warehouse bay renovation (already underway) that was approved by the Board earlier this year. This Phase 2 work will largely consist of overhauling the bays to significantly improve product throughput and handling.
Ultimately, the walls separating the bays will be coming out as the existing bays are effectively merged and the latest inventory-management systems are put in to streamline product handling, while simultaneously bringing supply chain situational awareness up to its maximum levels. In addition, areas are being created that will specifically handle key aspects of the overall process, like an area for quality-assurance testing. Specific areas for assembly, employee-training, and fabrication are all planned, and PFIE anticipates wrapping the totality of the Phase 2 work by sometime this fall.
The company’s BMS offerings, able to handle both natural-draft and fire-tube heaters, do far more than allow for optimized regulation of combustion, bypassing dangerous old methods for re-ignition like the “rag-and-stick” and allowing for safe, automated burner detection and re-ignition, they allow operators to effectively monitor and control the entire system remotely. The simple, yet extremely effective addition of a PFIE BMS can transform the operational workflow substantially, while also mitigating numerous compliance concerns, especially when used in conjunction with other PFIE products. With features like auto-relighting, customizable temp control, and emergency shutdown based on the automatic detection of various application input parameters, PFIE has developed a finely tuned solution set with their portfolio that really satisfies industry demand.
Also in today’s update was the latest head count of employees, now clocking in at 80 after the recent hiring of three new sales reps in the U.S. and seven service techs (primarily in Texas, where business has been quite robust), as well as five R&D engineers up in Canada. The engineering hires are a clear indication that PFIE continues doubling-down whenever they get the chance on product innovation and we should see some news out of product development from the company relatively soon as a result.
Finally, the company’s Oklahoma office that was announced back in January of this year is now fully operational and open for business, adding a fourth leg to their existing array, with offices in Utah and Texas, as well as up in Alberta.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
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