Arizona Instrument Corp. secures commitments for an additional 1,300 sites for its ENCOMPASS fuel management and leak detection system.PHOENIX--(BUSINESS WIRE)--Nov. 20, 1996-- Current backlog of more than 3,800 sites is estimated to represent more than $18 million in future revenue Arizona Instrument Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AZIC) Wednesday announced that it has secured additional commitments from four regional convenience store chains and two international customers to begin installing its ENCOMPASS fuel management and leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. detection system at up to a total of 1,300 sites in the northeastern and southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Sweden, Norway and Denmark. Equipment shipments to these new customers are scheduled to begin in the first quarter of 1997. Arizona Instrument now has commitments to install ENCOMPASS systems at a total of more than 3,800 sites throughout the United States and in three European countries. This backlog is estimated to represent more than $18 million in equipment and installation revenue for the company over approximately the next two years, based on currently projected selling prices and installation schedules. Approximately 1,100 ENCOMPASS systems have been installed to date. John Hudnall, president and chief executive officer, said that Arizona Instrument now has commitments for full roll-out or evaluation of its ENCOMPASS system from 12 of the top 30 convenience store chains in the country, which operate a total of more than 11,000 sites. "We expect ENCOMPASS sales to contribute significantly to our growth in 1997 as the pace of installations increases and our marketing program gains momentum. "In addition to our success among major convenience store chains, recently, we have added a number of national distributors to our customer base, giving us excellent coverage of the many small convenience store chains around the country that are also potential ENCOMPASS customers. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will win additional customers in the months ahead." Hudnall said that Arizona Instrument now has qualified more than 200 authorized service providers An Authorized Service Provider (ASP) is a third party person that has been cleared to work on a product that is still under warranty by another company without voiding the warranty. throughout the United States for installation and maintenance for ENCOMPASS systems, to supplement the Company's own installation capabilities. ENCOMPASS is a patented, Windows-based fuel management and leak detection system that uses on-site personal computers to manage gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by inventory and meet Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and (EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. ) leak detection requirements for underground storage tanks An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. (USTs) that contain petroleum products. The ENCOMPASS system easily integrates with existing site computer programs and provides on-line access of tank information to headquarters management. The EPA estimates that there are more than 1.3 million such USTs in the United States, of which approximately 70 percent have not yet been equipped for permanent monitoring. Under current EPA regulations, all petroleum USTs must have an EPA-approved monitoring system in place by the end of 1998. The statements in this press release that relate to future plans, events or performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including changes in the markets in which the company operates, especially competitive pressures, changing product introduction schedules, price margins and inventory risks due to technological developments or shifts in demand; changes in costs; timing and reduction or cancellation of significant orders; regulatory changes; and other risks indicated in the company's filings from time to time with the Securities and Exchange Commission, including but not limited to the company's Reports on Form 10-KSB for the year ended Dec. 31, 1995, and Form 10-QSB for the quarters ended March 31, 1996, June 30, 1996, and Sept. 30, 1996, and the company's prospectus, dated Feb. 18, 1994. Arizona Instrument Corporation, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001-registered company, designs and manufactures precision instruments used in quality control, industrial control and environmental monitoring applications. CONTACT: Arizona Instrument Corp., Phoenix Scott Carter, 602/470-1414 |
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