FOR IMMEDIATE RELEASE Contact: Tony Cooper
February 2, 2004 260-479-3221
FORT WAYNE, IN, USA, and Coventry, England, UK - WFI Industries and Geothermal Heating (International) Ltd today announced they have entered into a strategic alliance to distribute WaterFurnace branded water-source and geothermal heat pumps in Europe under the name WaterFurnace Europe PLC. WaterFurnace is the leading geothermal heat pump manufacturer in North America and Geothermal Heating (International) Ltd is fast becoming one of Europe’s major players in the geothermal industry.
Products will be manufactured at WFI’s plant in Fort Wayne, IN, USA, and distributed throughout GHI’s distribution network in Europe.
Tony Cooper, President of WFI Global, said, “We have been working with the group at GHI for over three years. They are an extremely talented group and this new alliance will have a tremendous impact on WaterFurnace market development in Europe. New environmental legislation impacting the entire European Union makes this the perfect time for this alliance. WaterFurnace is able to provide products that meet all EU Environmental requirements for heating, cooling and hot water generation.”
James R. Shields, Chairman of WFI Industries, said, “GHI is an excellent partner for us. WaterFurnace is the world’s leading geothermal manufacturer and we pride ourselves on partnerships with leading companies such as GHI. They have the facilities, contacts and knowledge to successfully develop the European market. This alliance will allow us to generate additional production in Fort Wayne and will allow WFI Industries to compete in markets not previously available to it.”
Brian Davidson, Chairman, Geothermal Heating (International) Ltd, said, “We are associated with the best people in Europe. We have as our business partner one of the UK’s largest drilling companies, Raeburn Drilling & Geotechnical, and an installation business that has been installing HVAC products for over 20 years. This combination and the benefit of WaterFurnace product, which is a world-beater, leaves us perfectly poised to service the European market. We foresee long-term profitable growth, which will enhance all companies involved.”
About the European Union Geothermal Market:
Energy conservation and environmental protection are primary concerns; many governments have signed the Kyoto
Protocol and have mandated the adoption of non-ozone-depleting refrigerants. This environmental focus is
driving interest in geothermal heating and cooling throughout the EU.
Uncertainties:
This press release contains certain forward-looking statements that may or may not be realized.
Investors should not rely solely on this information to make investment decisions.
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