RALEIGH, N.C., March 29, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) CEO Dennis L. Mast today announced that the Company has agreed to an equity financing commitment with Compass Capital Group, a Wall Street-based investment banking firm, to fund up to $5 million.
The financing will allow the Company to implement new strategic corporate initiatives and finalize acquisitions that are designed to directly impact shareholder value. HydroFlo intends to announce additional acquisitions and strategic relationships in the near future.
"We plan to continue to identify, evaluate and, when appropriate, acquire additional portfolio investment companies in order to build shareholder value and encourage the growth of HydroFlo, Inc. as an investment fund. The Company, with direction from Compass Capital and its newly appointed independent Board of Directors, has already identified a number of attractive acquisition candidates and looks forward to building the value of its investment portfolio through the acquisition of companies with proven track records, sustainable cash flow, and that, with the proper investment capital, are positioned for long-term growth," Mr. Mast commented.
About the Company
HydroFlo, Inc. is a Business Development Company, as defined by the Investment Act of 1940. Headquartered in Raleigh, North Carolina, HydroFlo's core focus is to seek out synergistic acquisitions that will provide capital appreciation and income from its portfolio companies. Its first portfolio investment company, HydroFlo Water Treatment (www.hydroflo-inc.com) is in the business of providing aeration equipment used for the pre-treatment of wastewater. Using the patented Pressure Line Up-Stream or PLUS pre-treatment system, HydroFlo Water Treatment provides customers a treatment process at their pumping stations, prior to the wastewater reaching a treatment plant. The company also provides a full range of related services to companies and municipalities to treat their wastewater at the treatment plant by the use of the energy efficient aeration systems in treatment lagoons.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.