IST Awarded Two Contracts Totaling More Than $14 Million
TORONTO, ONTARIO -- (MARKET WIRE) -- 06/03/09 -- Aecon Group Inc.
("Aecon") (TSX: ARE) announced today that its wholly-owned subsidiary
Innovative Steam Technologies (IST), has been awarded two contracts
valued at over $14 million to supply Once-Through Steam Generator
(OTSG) units to Altek Alarko Elektrik in Turkey and STC Spa in Italy.
Under the terms of the first contract, IST will design and supply two
OTSG units to Altek Alarko Elektrik, an energy generation company in
Kirklarelli, Turkey, near the Bulgarian border. The two OTSGs will
recover waste heat from two 27MW gas turbines at the Kirklarelli
plant. The units are scheduled for an October 2009 delivery.
"Altek Alarko Elektrik is a repeat customer for IST. They now possess
four OTSGs," said Bob Dautovich, President of IST. "The high standard
and quality IST offers in every unit we manufacture is proven through
such repeat business."
Under the terms of the second contract, IST will design and supply
two OTSG units to STC Spa, a power developer based in Italy. The
units will recover waste heat from two 48MW LM6000 gas turbines at
the Tamarete Combined Cycle plant located in Ortona, Italy. These two
units are IST's third and fourth units in Italy. The OTSGs are
scheduled for a December 2009 delivery.
"These contracts brings IST's total sale of OTSG units to 145 units
in 18 countries and six continents," said Bob Dautovich. "OTSG
technology improves the efficiency of its customers' power plants and
is better for the environment in comparison to many power generation
sources. IST's product advantages are driving sales of these units."
Innovative Steam Technologies is the world leader in the design and
fabrication of Once-Through Steam Generators and is a wholly owned
division of Aecon Group Inc.
Aecon Group Inc. is Canada's largest, publicly traded construction
and infrastructure development company. Aecon and its subsidiaries
provide services to private and public sector clients throughout
Canada and on a selected basis internationally. Aecon is pleased to
be recognized as one of the 10 Best Employers in Canada as published
by Report on Business Magazine, as well as one of the Top 100
Employers in Canada as published in Maclean's Magazine.
The information in this news release includes certain forward-looking
statements. Forward-looking statements are based on estimates and
assumptions derived from past experience and interpretation of
historical trends, current conditions and expected future
developments. Many factors could cause Aecon's actual results,
performance or achievements to vary from those expressed or inferred
by these statements, including without limitation, the uncertainty
caused by recent events in the global financial and credit markets,
the future of the Eastmain Joint Venture to recover the value of
unpriced change orders, risks associated with the Quito Airport
Project and the various general and specific risks associated with
operating in the construction and infrastructure development
industry. Risk factors are discussed in greater detail in the Section
entitled "Risk Factors and Uncertainties" in Management's Discussion
and Analysis of operating results and Financial condition for the
year ended December 31, 2008 to be filed on SEDAR at www.sedar.com.
Although Aecon believes that the expectations reflected in
forward-looking statements are reasonable, it can give no assurance
that the expectations of any forward-looking statements will prove to
Aecon Group Inc.
Senior Vice President, Corporate Affairs
Press spacebar to pause and continue. Press esc to stop.