Shumate Industries, via its HVC subsidiary, has acquired all the outstanding intellectual property, patents and trademarks from the energy R&D firm, Soderberg Research and Development, and its affiliates.
The Hemiwedge® Valve is a quarter-turn, segmented metal seated valve, engineered to provide substantial technological improvements compared with what is available in the marketplace today from traditional butterfly, ball and gate valve designs.
This proprietary new valve technology allows for reduced turbulence flow, enhanced durability in field applications such as process and flow control and significantly reduced service repair time interruptions from its self contained "in-field" cartridge replacement design. While the technology is applicable to most areas of industrial valve use in upstream and downstream energy markets worldwide, HVC will initially target energy flow control applications.
Larry Shumate, President and CEO of Shumate Industries stated, "We believe the Hemiwedge® valve's new technology, including its top-entry cartridge loaded replacement design, will substantially reduce field operations down-time and maintenance costs in flow control applications. We have invested almost $1,000,000 in the development of this new technology and look forward to launching this product line in the market during the first half of 2006."
For its operations, HVC has entered into a lease, and an option to purchase in three years, a 60,000 square foot facility within two miles from Shumate's current facilities. The building, formerly occupied by industry-recognized valve product line manufacture, saves HVC the expenditure of several hundred thousand dollars of building improvements, due to the improvements in place due to its prior use.
Shumate Industries forecasts over $4,500,000 in revenues for its fiscal year 2005, up approximately 32% from the prior year, and over $1,000,000 in net income resulting from revenue increases and gains from the conclusion of the October, 2005 restructuring.
About Shumate Industries, Inc.
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