Edmonton, Alberta, January 28, 2014 – Titan Logix Corp. (TSX Venture: TLA) ("Titan" or the "Company") announces the voluntary recall of its FGI 351 burner management system (“BMS”). The BMS includes the FGI 351 controller and the IGN 50 ignition and flame detection unit. The BMS was certified in 2006 as a combustion safety control product and is used in atmospheric heaters in the oil and gas industry.
One of the functions of the BMS is to shut off the fuel gas to the atmospheric heater in the event of a flame fail or safety interlock condition. The Company has concluded that there is a possibility that use of the BMS could create an unsafe condition or that, in an unsafe condition, the BMS may not function as intended. Failure of the BMS could create a safety hazard and could result in property damage, damage to the industrial fuel-burning equipment in which the BMS is installed, or personal injury.
Although to date no reports of injury or damage have been received, the BMS should be removed from service immediately. There are alternative burner management system products available in the industry for use in industrial atmospheric heaters. Titan does not have a replacement BMS to offer at this time.
For questions concerning an affected BMS or to register for more information relating to the recall, please contact the Company by email at firstname.lastname@example.org or by telephone at (877) 462-4085 ext. 688.
The Company does not anticipate that the recall will have a material impact on the revenues of the Company. No other Company products are affected by the recall.
About Titan Logix Corp.:
Founded in 1979, Titan Logix Corp. is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company's products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, burner management for oilfield heaters, and communication systems for remote alarming and control.
This is captured by our slogan “Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office”™.
- In the Field: "In the Field" refers to Titan's solution offerings for storage tanks and process vessels.
- On the Road: "On the Road" refers to Titan's solution offerings for mobile tanker trucks and trailers.
- In the Office: "In the Office" refers to Titan's solution offerings that enable customers to monitor their fluid assets from the convenience of their dispatch center or other back office environment through a wired or wireless connection.
Titan Logix Corp. is a public company listed on the Toronto Venture Stock Exchange and its shares trade under the symbol, TLA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical or current fact, that address activities or events that the Company expects or anticipates will or may occur in the future (including statements relating to the possibility that use of the BMS could create an unsafe condition, possible failure or malfunctioning of the BMS and the potential consequences thereof (including the creation of a safety hazard and property and industrial fuel-burning equipment damage and personal injury) and the Company’s expectations that the recall will not have a material impact on the Company’s revenues) constitute forward-looking information. This forward-looking information is based on information currently available to the Company and certain assumptions, including the assumptions and methodologies used by the Company in assessing the potential failure of the BMS and extent of the potential consequences thereof and the assumption that the Company’s other products comply with applicable standards and will not be subject to recall. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such factors include the extent and costs of the recall or the consequences of the BMS’s failure being, in either case, more extensive than currently expected, any liability or other claims asserted against the Company, the product recall adversely impacting the Company's brand image or relationships with customers or otherwise having a negative effect on the Company's business or financial condition, and the other risks and uncertainties identified in the Company’s other publicly filed documents on SEDAR. Any forward-looking information represents management’s views only as of the date of this press release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update such information. Forward-looking information is not a guarantee of future performance and, accordingly, we caution you not to place undue reliance on it.
Investor Relations Contact Information:
Greg McGillis, P.Eng.
President and Chief Executive Officer
Ph: (877) 462-4085 Extension 302
TSX Venture, TLA
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