ThermoEnergy Corp Reports Second Quarter 2008 Financial Results and Business Highlights

ThermoEnergy Corporation today announces the Company's second quarter 2008 financial results and provides a business update to shareholders.

Key Business Highlights and Corporate Developments

-- CASTion received a follow on order from long time client, General Metal Finishing for CASTion's ZLD and CAST system.

-- CASTion continues to expand the current pipeline for its industrial business, which now stands at approximately $8 million. CASTion defines their pipeline as order with a probability greater than 50% to be started in the next 12 months.

-- CASTion expects to close on approximately $1-3 million of the current pipeline in the second half of 2008.

-- ThermoEnergy is in contract discussions with two large internationally known Architect and Engineering Companies to provide the necessary construction and engineering services for the New York City 26th Ward ARP Wastewater project.

-- Discussions continue with Babcock Power, Inc. to form a symbiotic relationship utilizing the Company's proprietary TIPS process. The Memorandum of Understanding has been extended and the Company expects to enter into a joint venture agreement during the third quarter of 2008

-- Large Shareholder makes an additional investment as a bridge loan until the Quercus Trust $7 million commitment closes. read more

Source: ThermoEnergy Corporation