Over the course of 25 years, Puradyn Filter Technologies, Inc. (PFTI) has transitioned from a small local business into a company with global distribution of its patented and proprietary puraDYN® oil filtration system for internal combustion engines, transmissions and hydraulic applications. The technology is designed to save money and conserve oil by continuously cleaning and lubricating oil while maintaining oil viscosity, thereby significantly extending oil change intervals and engine life. Sure, there are numerous bypass filtration methods on the market today. Where these competing products fall short is in failing to incorporate three key factors that Puradyn has identified and blended for impressive results:
Puradyn’s equipment was selected as the manufacturer used by the U.S. Department of Energy to evaluate the performance, benefits and cost analysis of bypass oil filtration technology. In correlation, Puradyn in April was selected by a large military contractor and producer of military generators to provide puraDYN® for use on generator sets. The contract calls for Puradyn to provide roughly 750 units beginning in late 2014; if the military carries out the contract in full, the company estimates the project will generate $300,000 in revenues over three years, the duration of the contract. This deal is one of several points in Puradyn’s history, beginning with the year 2006, where the company’s technology has been used for military application.
The company has approximately 100 active distributors worldwide, and has established a strategic agreement with Nabors Drilling International Ltd., which evaluated the benefits of bypass oil filtration in 2009 on CAT 3512 generators used to power oil rigs. Nabors Drilling’s oil analysis results showed that drain intervals on equipment were “safely” extended from 500 hours to 2,500 hours regardless of sulfur fuel content and “decided to outfit all rig generators throughout the field.” The following year, Nabors Drilling USA installed more than 700 of the bypass systems, extending oil drain intervals from 1,000 hours to more than 3,000-plus hours, as reported by Drilling Contractor.
In the first quarter of 2014, Puradyn reported a year-over-year sales increase of 56% to approximately $894,300, which the company attributes to increased activity from several of its accounts beginning in the third quarter. Puradyn also managed to trim its net loss to $218,086, or (0.00) per share, compared to a net loss of $416,685, or ($0.01) per share, for the same period in 2013. Based on the company’s strengthening financials, plans to expand its distribution network, and aggressive sales and marketing strategies, Puradyn appears to be in a solid position to achieve its goal to “target industries open to innovative methods to reduce oil maintenance operating costs and overhaul cycles.”