Titan Energy Worldwide, Inc. announced today shortly before the opening bell that Grove Power, Inc., its Florida-based subsidiary, has been chosen to service the power generation equipment for 52 new stores in Florida of a national “big box” retailer. Including this new addition, Titan Energy now services 153 of this retailer’s stores, including 101 facilities located in the Midwest.
Thomas Black, Chief Operating Officer of Titan Energy, stated, “The award of these fifty-two new stores to our Grove Power service program is a strong validation of Titan Energy’s growing national reputation in the power generation industry and shows the strength we have achieved by extending our base of operations into key areas such as Florida. Other factors contributing to our award of this contract include our ability to deploy highly trained service technicians promptly to store locations and the use of newer technologies such as remote monitoring to offer higher levels of service. With remote monitoring we are able to see the operating condition of a customers’ power system 24 hours a day, 7 days a week and can respond almost immediately to a situation often before a customer is even aware there is a problem. The result is a tremendous increase in customer satisfaction.”
“Annualized service contracts are a rapidly growing part of our business,” Mr. Black continued. “In 2009, service contracts accounted for about 35% of our annual revenues. In 2010, we have a goal to increase service revenues by as much as 250% in 2010 which would generate approximately $10 million in gross sales. Our commitment is to continue to service national customers such as this major retailer and to offer newer and better technologies so that these sophisticated power generation systems can run more predictably and efficiently.”