American Electric Technologies Announces Receipt of $725,000 Joint Venture Distribution
AMERICAN ELECTRIC TECH (AETI)
US:NASDAQ Investor Relations:
aeti.com/aeti/?q=irinfo
Company Research
Source: GlobeNewswire
BELLAIRE, Texas, June 25, 2019 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (the Company”) (NASDAQ:AETI) today announced that it has received a distribution of $725,000 from its Chinese joint venture, Bomay Electric Industries Co., Ltd (“BOMAY”), in which the Company owns a 40% interest. The distribution resulted from the earnings of BOMAY for the fiscal year ended December 31, 2018. Last year BOMAY received new orders for 40 control systems to be delivered for new Chinese domestic drilling rigs in 2019. Art Dauber of AETI commented, “We expect to see continued growth in the Chinese land drilling, hydraulic fracturing, and production sectors as the country seeks to expand its domestic energy production. As a leading provider of electric control systems for oil drilling land rigs in China, we believe that BOMAY could benefit from this growth through new equipment orders.” BOMAY was established in 2006 by the Company with a 40% ownership interest, Baoji Oilfield Machin
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