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FUEL-TECH N.V. TELLS ANNUAL MEETING LOSSES REDUCED, GOOD YEAR ANTICIPATED

 LONDON, Sept. 15 /PRNewswire/ -- Fuel-Tech N.V., newly listed on the NASDAQ (FTEKF), has reported reduced losses for the first half of 1993 and an optimistic outlook in the second half based on an "increased tempo of U.S. orders" for the Company's NOxOUT air pollution control technology for utilities and industrial companies.
 John A. de Havilland, chairman, at the Company's annual meeting here, noted that overall, the Company's net loss declined to $1,324,000 in the first half of 1993 from $1,365,000 in the comparable year-ago six months. The net loss includes the loss from the Company's 50 percent interest in Nalco Fuel Tech (NFT) of $433,000 in the first half of 1993, compared with a loss of $513,000 in the second half of 1992 and $370,000 in the first half of 1992.
 NFT's revenues in the first half totaled $7,957,000 against $8,102,000 in the same year-ago period. During the 1993 period, there was an increase in U.S. sales which was offset by lower European sales, Mr. de Havilland said. During the first half of 1993, NFT experienced an improvement in the flow of orders which will result in increased revenues in subsequent periods.
 Mr. de Havilland emphasized that improved order flow would be especially beneficial to NFT and "is likely to enable NFT to break even in the second half of 1993. Beyond that, there is every reason to expect that the all important retrofit market in the United States will, in anticipation of the first major deadlines (May 1995) in the Clean Air Act Amendments of 1990, be a key influence on results."
 NFT perceives its market focus will shortly be on the retrofit market for utility and industrial boilers for its proprietary NOxOUT process, a low-cost, high efficiency technology for reducing ozone- producing nitrogen oxide (NOx) in the air. Until now, the bulk of NFT's NOxOUT business in the United States has involved the fitting of NOx controls to new plants to meet requirements of the 1970 Clean Air Act. However, the Company has successfully retrofitted three coal-fired utility boilers at the New England Power Company's plant at Salem Harbour, Mass., and has contracts for more than 100 industrial installations worldwide.
 Mr. de Havilland noted that overseas markets look promising with special near-term focus on Taiwan and on the smaller industrial boiler market in Germany where orders have been received for retrofits to a number of boilers to lower emissions ahead of the enforcement of regulations.
 Mr. de Havilland said that Fuel-Tech N.V.'s overhead expenses fell to $936,000 in the first half of 1993, despite inclusion of professional fees for work done in preparation for the NASDAQ listing, from $999,000 in the second half of 1992 and $1,071,000 in the first half.
 The Company invested an additional $2,400,000 in NFT in the first half of the year leaving the Company's cash and cash equivalents at $2,959,000 on June 30, 1993, compared with $1,373,000 at Dec. 31, 1992, and $3,399,000 at June 30, 1992.
 The NOxOUT Process, which is the Company's most important technology to date, is marketed by Nalco Fuel Tech, a joint venture between Fuel Tech and the Nalco Chemical Company. Nalco Fuel Tech is based in Naperville, Ill., and has operations in Essen, Germany and Taipei, Taiwan.
 -0- 9/15/93
 /CONTACT: John G. Danaher, CFO of Fuel Tech, 203-328-3039; (in London), J.A. de Havilland, chairman of Fuel-Tech N.V., 071-589-2051; or Warren Moulds, 708-564-5610, or Mark Perlgut, 212-580-4141, both of The Investor Relations Company, for Fuel Tech/
 (FTEK)


CO: Fuel-Tech, N.V.; Nalco Fuel Tech ST: Illinois IN: ENV CHM SU: ERN

JG -- DE013 -- 2261 09/15/93 12:59 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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