American Electric Technologies (AETI)

[BSWB]

American Electric Technologies Issues 2006 Annual Report and Stockholder Message
Monday October 8, 10:06 am ET


HOUSTON--(BUSINESS WIRE)--American Electric Technologies, Inc. (NASDAQ:AETI - News), the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, today released the 2006 annual report and the following letter to stockholders from the company's chairman, president and CEO, Arthur Dauber. The American Electric Technologies 2006 Annual Report can be viewed online at www.aeti.com.


Dear Fellow American Electric Technologies Stockholders,

American Electric Technologies, Inc. was formed in May 2007, following the merger of American Access Technologies, Inc. and M&I Electric Industries, Inc. This annual report includes the audited annual financial statements of M&I Electric Industries, Inc. for the years ended December 31, 2006 and 2005 and is supplemented by condensed financial statements for the combined company for the six months ended June 30, 2007 and 2006, which reflects the operations of American Access from May 15, 2007.

Over the course of my 24 years at M&I Electric, the company has grown from a regional provider of electrical products and services focusing on the Gulf Coast marine and industrial markets, to a global provider of power delivery systems for many of the largest energy companies in the world.

The closing of our merger with American Access in May of 2007 was a major milestone for the company, and we are eager to build on our tradition of achievement to reach new heights of success for the combined company. Over the years, we have set a clear strategic course for our long-term growth and we are executing those plans successfully for our customers and stockholders today and in the future.

Management will work toward continued revenue growth, profitability and positive cash flow from operations that translate into enhanced stockholder value. As we undertake this effort, we do so with considerable strength and momentum as 2006 was a year in which we delivered historic levels of revenue and profitability.

Our strong financial position provides us with a sound platform for the future. We believe our traditional and new alternative energy segments will continue to grow for the remainder of 2007 and beyond. It is our intention to make the appropriate, disciplined investments in the company to take advantage of these growth opportunities.

We will continue to extend our international operations through joint ventures which provide a prudent method of growing the company while leveraging our expertise, experience and operational capabilities.

We are leveraging our strong history and results in our flagship traditional oil and gas business, by investing in alternative energy segment products and services.

We are retooling and upgrading the operational capabilities for all of our business segments to strengthen our manufacturing capacity while reducing overall costs.

We will continue to pursue appropriate strategies, alliances and acquisition opportunities that will create long-term stockholder value.

We are also investing in the upgrading of our internal financial systems to drive detailed financial awareness and discipline into the organization. We want to continue to provide timely and accurate information about costs, schedules, inventories and quality to our production and management team. These improved systems will also be at the core of our future compliance with various Sarbanes-Oxley and corporate governance mandates.

We will continue to invest in our existing personnel and in recruiting additional key management personnel to meet the needs of our growing operations.

All of our strategic initiatives mentioned above come with a keen sense of positioning for the future. It has been our mandate to invest in a long term-growth strategy and diversify our business lines. These initiatives come with a cost and at times this can be expensive and risky. However, we are confident in our ability to invest wisely to expand our sales growth and profitability.

At American Electric Technologies, our goal is to be open, accessible, and complete in all of our communications, whether we are speaking to employees, customers, partners or stockholders. We devote considerable time and effort to achieving this goal. We intend to communicate a clear and open picture of our business, our challenges and our strategies to seize the opportunities ahead.

I am proud of our team and their accomplishments and am confident in our ability to deliver on our future endeavors. I wish to thank our loyal stockholders, customers and partners who continue to have faith in us and renew our pledge that we will remain focused on building an enduring and prosperous company.

Sincerely,

Arthur G. Dauber

CEO and Chairman, Board of Directors

American Electric Technologies, Inc.

American Electric Technologies, Inc. (NASDAQ:AETI - News) is the premium supplier of custom-designed power delivery solutions to the traditional and alternative energy industries. AETI offers M&I Electric(TM) power delivery products, electrical services, and E&I construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. AETI is headquartered in Houston and has global sales, support and manufacturing operations in Keystone Heights, Fla., Beaumont, Texas, Bay St. Louis, Miss., Singapore and Xian, China. AETI's SEC filings, news and product/service information are available at www.aeti.com.

Forward-Looking Statements

Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding our expected future business strategies and objectives and other statements identified by words such as "expects", "should", "offers", "believes", and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, changes in demand for products and services from external factors including general economic conditions or changes in the oil and gas and other industries in which the Company operates; delays in the award of new projects; the termination or reduction of existing projects due to changes in the financial condition or business strategies of the Company's customers; availability of labor and materials; fluctuations in quarterly results from a variety of internal and external factors including changes in the estimates with respect to the completion of fixed-price contracts; and, competition in the marketplace especially from competitors with greater financial resources and financing capabilities. These and other risks which may impact management's expectations are described in greater detail in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



Contact:
For American Electric Technologies, Inc.
Media Contacts:
Lena Clark, 713-869-0707
[e-mail]
or
Shelley Eastland, 713-869-0707
[e-mail]
or
Investor Contacts:
John Untereker, 713-644-8182
[e-mail]
or
Joe McGuire, 904-228-2603
[e-mail]

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Source: American Electric Technologies, Inc

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