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MFRI’s Perma-Pipe Subsidiary Receives Additional Insulated Pipe Orders for Jebel Ali Airport City in Dubai

Dépèche transmise le 27 avril 2009 par Business Wire

MFRI’s Perma-Pipe Subsidiary Receives Additional Insulated Pipe Orders for Jebel Ali Airport City in Dubai

NILES, Ill.--(BUSINESS WIRE)--MFRI, Inc. (Nasdaq:MFRI) , announced today that its subsidiary in the United Arab Emirates, (UAE), Perma-Pipe Middle East, (PPME), has received additional orders for insulated piping at the new Jebel Ali Airport City in Dubai. One year ago, (May 20, 2008), MFRI announced its first $21 million in orders for this project. The additional orders include piping elements for a new desalinization plant and power station bringing the total value of PPME insulated pipe on this project to approximately $32 million.

These insulated lines are part of an extensive underground network of piping arteries for the new city’s district chilled water distribution system to air condition major buildings. Jebel Ali Airport City is a pioneering concept in urban planning which features new residential, commercial and industrial developments integrated with the construction of a major new airport. Upon completion, this 140 square kilometer development will be the combined size of London's Heathrow and Chicago's O'Hare airports with at least six parallel runways and as many concourses. It will be capable of handling more than 120 million passengers and more than 12 million tons of cargo per year.

“This new work at Jebel Ali Airport City demonstrates that PPME has established significant market acceptance in the Gulf Cooperation Council (GCC) states,” said Avin Gidwani, Managing Director of PPME.

“In less than 3 years of operation, PPME has become a market leader for pre-insulated pipe in the UAE and GCC states. The combination of high quality at competitive prices and customer centric services has enabled us to grow quickly in this dynamic market”, said Fati Elgendy, President and Chief Operating Officer of Perma-Pipe, Inc.

“We are very pleased with the progress of PPME. This subsidiary has grown to be a major asset in MFRI’s global expansion and diversification strategy,” added David Unger, Chief Executive Officer and Chairman, MFRI, Inc.

MFRI is a leading manufacturer of factory pre-insulated piping systems for oil and gas gathering, district heating and cooling and other specialty applications. Other MFRI products include custom-designed industrial filtration products to remove particulates from dry gas streams, thermal transfer equipment to remove heat from molding, printing and other industrial processes, and energy conscious heating and air conditioning systems for large buildings in the Chicago area.

For more information visit the Company's website www.mfri.com or contact the company directly.

Statements and other information contained in this announcement which can be identified by the use of forward-looking terminology such as "anticipate," "may," "will," "expect," "continue," "remain," "intend," "aim," "should," "prospects," "could," "future," "potential," believes," "plans," "likely," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "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 and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.