Here’s the companies update on their expansion. It’s the picture of a company that is booming! Growing like mad. Anyone selling is worried about how all this expansion might affect one quarter’s earnings, not where the company is going.
Saul
Sales & Marketing Teams, Advancing Key Operational Initiatives
Company Hires Marketing Manager, Expands Sales/Service Teams to Grow North America Presence;
Nears Completion on Warehouse Expansion, Contract-Manufacturing Development
Profire Energy, a technology company which manufactures, installs and services burner management systems and other combustion technologies for the oil and gas industry, is expanding its marketing, sales and service teams. It is also nearing completion on a number of operational initiatives, such as its Lindon, Utah warehouse expansion and the addition of another contract manufacturer for its manufacturing of selected US products.
Personnel Expansion
We have begun expanding our marketing efforts by recently hiring Mr. Clayton Bird to manage the department…We expect to quickly expand the department in coming weeks, to accelerate revenue growth and educate the industry on the value of enhanced burner management products. The department is expected to greatly enhance our sales capabilities by employing multiple media throughout North America, as it structures a comprehensive and strategic approach to marketing our various product lines through key industry channels.
As the industry leader, one of our key roles is to educate the industry and develop increased awareness for burner management products and the economic, safety and environmental value propositions that such can afford. Profire expects that building its marketing team will allow it to reach out and educate the industry in an unprecedented, scalable, and cogent way. The marketing team will work closely with our growing sales and service professionals.
We also plan to hire an additional 16-to-18 new sales and service employees in the coming months to enhance our reach within North America, especially in Colorado, North Dakota, and other attractive markets. We also expect to employ some of these personnel to develop strategic sales channels, such as OEM sales, in addition to expanding sales through our existing geographical sales regions. With an estimated 45,000-50,000 new wells being drilled a year in the US, we expect the OEM channel to be a significant growth opportunity within the industry.
We are also building out our finance, accounting, and communications teams to handle increasing workloads in those areas. Nathan McBride has been promoted to VP Strategy & Finance, and will assume an enhanced role in developing and executing the Company’s growth strategies and resource allocation. Additional staff are being brought in to bolster other areas as well, such as accounting, administration, training, product-management, and multiple others as the Company anticipates continued acceleration in operations.
Operational Expansion
Profire has started working with Sanmina Corporation to supplement its contract manufacturing capabilities for several US-based products. Sanmina is a publicly traded, Fortune 500, $6 billion manufacturing and logistics company. The Company expects Sanmina to help support its scalability, geographic manufacturing-diversification and increased pricing power for supporting components of the Profire product line.
We are also on track to complete our Lindon expansion (which has been scheduled for completion in the Fall of 2014), which will add approximately 15,000 square feet for product assembly, inventory and quality control. The warehouse’s layout is the result of internal and external analysis and consulting that is expected to greatly enhance the flow and delivery of products, helping ensure a highly efficient and scalable operation.
The company remains debt-free, and expects to file its quarterly report for FY2015 Q1 on or before August 14th 2014.