Titan Energy Worldwide, Inc. (TEWI.OB) Announces Preliminary Financial Results

QualityStocks would like to highlight Titan Energy Worldwide, Inc. (OTCBB: TEWI). The company is dedicated to helping companies meet their power generation and energy management needs. To date, they have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters.

In the company’s news yesterday,

Titan Energy Worldwide, Inc. announced its preliminary unaudited year-end financial results for 2009. According to the press release, the company generated a record $10.6 million in annual sales for 2009, an increase of more than 35% compared to 2008.

Equipment sales in 2009 increased by approximately 33% over 2008, while sales of service contracts increased 40%. Titan Energy also revealed a decrease in operational expenses resulting in lower operational losses in 2009. The final audited financial statements are anticipated to be published in the company’s 2009 10K Annual Report on or before March 31, 2010.

“Titan Energy performed very strongly in all areas in 2009. We were able to post record sales, show a significant increase in our service contracts, improve our gross margins, and make significant cuts in our operating expenditures. The entire Titan Energy team is to be congratulated on contributing to a record year. This performance has set the foundation for even stronger growth in 2010,” stated Jeffrey Flannery, Titan Energy’s Chief Executive Officer.

“I believe 2010 will be another landmark year for Titan Energy as we double our sales revenues and become cash flow positive by the second quarter. Based on the current financial data and management’s current plans and assumptions, the Company expects fiscal 2010 revenue to be in the range of $17 million to $25 million. Our growth strategy includes bringing on as many as six new subdealers into our Midwest territories, an effort which could double our equipment sales in this region alone. We will be expanding our operations in Florida to take advantage of that large market including the Caribbean, and the tremendous need for reliable back-up power in the region. We are rolling out aggressive sales programs in the New York/New Jersey region which will include industrial and commercial solar power installations,” continued Mr. Flannery.

“We are also launching new programs that will greatly expand our capabilities in the energy management and efficiency industries,” he added. “Billions of dollars are being committed by government and regulatory entities to enable companies and institutions to meet new energy efficiency standards. With our expertise in energy management technologies, our growing geographical footprint, our strong relationships with equipment manufacturers and long standing relationships with major utilities, Titan Energy is uniquely positioned to benefit from these national and regional initiatives. In fact we have already begun to provide energy audits for utility customers in the Midwest and are rolling out new energy efficiency programs designed to help utilities reduce energy usage and customers reduce their energy bills.”

“The result is that 2010 will be a very exciting year for Titan Energy. We have grown to 7 offices covering 12 states, servicing a growing base of more than 1,000 customers across the United States. The opportunities for growth in the energy management industry are tremendous, and I know of few companies positioned as well as Titan to be a leader in this industry,” concluded Mr. Flannery.

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Forward-Looking Statement:

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.