American Electric Technologies (AETI)

[BSWB]

AETI Story

American Electric Technologies, Inc. (AETI) (formerly M&I® Electric Industries, Inc.) is the premium global supplier of power delivery products and services to the traditional and alternative energy industries. For more than 60 years, the company has delivered high quality, electric products and services to the Gulf Coast oil and gas industries, including land and offshore drilling companies and production operators. AETI's equipment is certified by the highest domestic and international regulatory certification standards.

AETI's customers include worldwide offshore companies in the oil and gas exploration, drilling, production, pipelines, shipbuilding, oil refineries, petrochemicals, power generation, and steel industries in the Gulf Coast area. The company has delivered more than 10,000 power delivery systems to companies in these industries, including Diamond Offshore, Transocean, Global Santa Fe, Williams, Noble Drilling and Ensco to name a few. With facilities located in Texas (Houston and Beaumont), Mississippi, Singapore and China, AETI is uniquely qualified to serve global power distribution and control needs. Combining custom-designed product and service businesses, the company provides complete, single-source turnkey systems and installations.

AETI's power delivery solutions include M&I switchgear, AC and DC variable speed drives, power control rooms (PCRs) and computer-based control and automation systems for power management.

Today's demanding offshore energy environment, where each minute of downtime equates to significant revenue losses, AETI is helping customers maximize revenue. The company provides everything from electrical evaluation and consultation pre-planning to equipment modernization and upgrading of electrical distribution and control equipment. Project management and troubleshooting with local engineers and craftsmen are also services available onsite 24 hours a day, seven days a week.

American Electric Technologies, Inc. Timeline of Innovation

1946 - Founded as M&I Electric Industries, Inc. in Beaumont, Texas, American Electric Technologies, Inc. (AETI) has provided electrical products and services to the Gulf Coast marine and industrial markets for over 60 years. The company has established a reputation as the leading provider of highly reliable and innovative power distribution and control equipment for critical oil and gas drilling and production customers.

1984 - The current executive officers acquired the company and two years later opened the Houston manufacturing facility.

1994 - Announced the formation of its first international operation by forming a joint venture with Oakwell Industries of Singapore, distributor of engineering products, to focus on offshore and marine applications in Singapore and the Southeast Asia market called M&I Electric Far East PTE Ltd.

1995 - Augmented traditional switchgear product lines and introduced their first digital DC drive product.

2002 - Announced a new digital AC drive product optimized for drilling applications.

2003 - Acquired the assets of Contec Electric and formed South Coast Electric in Bay St. Louis, Mississippi, to service the marine and vessel customers in the Louisiana, Mississippi and Alabama markets.

2004 - Expanded drive technology product portfolio by acquiring the assets of Hill Hayes, a leading DC drive manufacturer.

2006 - Introduced liquid-cooled high horsepower AC variable frequency drive, optimized for space-constrained marine markets. Also, AETI took the next step in its international expansion plans with the announcement of a joint venture with Bomco, the leading Chinese oil rig manufacturer, to form BOMAY to focus on manufacturing, sales and service for the fast-growing China oil and gas markets, and to provide sourcing capabilities for international projects.

May 16, 2007- American Access Technologies, Inc. (NASDAQ: AATK) and M&I Electric Industries, Inc. announced the completion of their previously announced merger. The newly-combined company will operate as American Electric Technologies, Inc. and will begin trading today on the NASDAQ Capital Market under the symbol “AETI.”

http://www.aeti.com/about/story.php