Water Pik Technologies, Inc. (NYSE:PIK) today announced that its new Laars(R) Pennant(TM) and Laars(R) Rheos(TM) boilers are filling a gap in its commercial boiler and water-heating product offering and will enable the Company to compete in the larger and growing mid- and high-end commercial boiler and water-heating markets.
First introduced in August 2002, the Laars(R) Rheos(TM) boiler, a high-efficiency, modulating commercial boiler is a breakthrough in commercial heating system design. The Rheos(TM) Model 2400 provides industrial grade performance for hydronic and volume water applications. The new Boiler/Water Heater technology combines the precision control of state-of-the-art modulation electronics that sense the existing conditions and automatically adjust the boiler's capacity to meet the required heating load from 1.2 million to 2.4 million BTU's. Its high-density heat exchanger uses a patented, double row, finned tube design to maximize the heat transfer surface area and balance water flow. The Rheos(TM) Model 1200, available in May 2003, will meet the required heating load from 600,000 to 1,200,000 BTU's. The Company plans to release two additional models (1600 and 2000) of the Rheos(TM) by year-end. All Rheos(TM) models may be installed either indoors or outdoors, providing contractors with maximum flexibility.
The recently introduced Laars(R) Pennant(TM) boiler, a high-performance, low NOx, fan-induced unit is available in five models ranging from 500,000 BTU's to 2,000,0000 BTU's. The Pennant's compact, modular design allows for ease of installation and long-term maintenance. Pennant(TM) systems are available in both hydronic and volume water versions, and may be installed either indoors or outdoors. All models are designed for staged firing to meet required heating loads. Pennant(TM) boilers and water heaters offer the building owner six different operating control programs to best match the type of installation in each building.
The Company has manufactured gas-fired water-heating products for over 50 years, and has expanded its product line to include high efficiency boilers and water heaters for residential and commercial heating applications. Laars(R) water-heating systems are sold through a network of sales representatives and plumbing and HVAC wholesalers in the United States, Canada and Internationally.
Forward-looking Statements
Any statements contained in this press release, which are not historical fact may be considered forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements as a result of the risk factors described in the Company's filings with the Securities and Exchange Commission, including, among others, its ability to develop new products and execute its growth strategy, the uncertainty of new product testing and regulatory approvals, the uncertainty that its marketing efforts will achieve the desired results with respect to existing or new products, its dependence on key customers, the seasonal nature of its businesses, the impact on consumer confidence and consumer spending as a result of acts of terrorism and war, the impact of a slowing consumer economy, the effect of product liability claims and failure to protect its intellectual properties. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact transpire. These forward-looking statements represent the Company's judgment only as of the date of this press release. As a result, the reader is cautioned not to rely on these forward-looking statements. The Company does not have any intention or obligation to update these forward-looking statements.
Water Pik Technologies, Inc. is a leading developer, manufacturer and marketer of innovative personal health care products, pool products and water-heating systems sold under the Water Pik(R), Jandy(R) and Laars(R) brand names. The Company has developed and introduced many products that are considered the first of their kind and have led to the formation of new markets, including the automatic toothbrush, end-of-faucet water filtration system, pool heater and pulsating shower massage. The Company's products are sold through a variety of channels, including home centers, mass-merchandisers, drug chains and specialty retailers, wholesalers and contractors.
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