Global markets fell sharply on Tuesday, and continued their slide today as some weak economic data from China has weighed down market sentiment.
Data released on Tuesday showed that manufacturing activity in China contracted in the month of April. This is the 14th-consecutive month in which manufacturing activity in the world’s second-largest economy has contracted.
In recent weeks, China had reported some promising data, which indicated that the stimulus measures implemented by policymakers are starting to work. However, the disappointing manufacturing data has once again raised questions over the strength of the Chinese economy.
As a result of all this turmoil, European markets and markets in North America have been moving lower all week.
Despite the pullback in the broader market, shares of Thermal Energy International Inc. (TSX- Venture: TMG) have been on the move up over the last few days. Based in Canada, Thermal Energy is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors worldwide.
At last check, TMG shares were even at $0.0600 on volume of 67,000, however yesterday saw shares bounce higher on news that the company announced it had received an order valued at approximately $1.015 million from a leading food products business for the supply and installation of one of its FLU-ACE® heat recovery systems.
The company expects to fulfill the order over the next six months. Revenue from the order is also expected to be earned over this period. TMG’s FLU-ACE heat recovery system and GEM steam traps at this site are expected to generate combined savings of approximately $671,000 annually, resulting in a combined project payback of just 1.6 years.
William Crossland, CEO at Thermal Energy, said that the order represents another example of TMG’s sales focus on customers with multiple needs that can be met with the company’s proven solutions. Crossland noted that the order also marks the first time the company has sold a FLU-ACE system in Italy.
Crossland noted that the customer TMG is working with has more than 30 other production sites around the world. He is optimistic about future opportunities from this customer.
