RALEIGH, N.C., July 28, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced that it has retained Spelman Research, Ltd., an investment research firm, to analyze, provide and publish independent expert, fundamental research reports on the company.
Spelman is a boutique equity research firm providing un-biased research for significantly under-followed small cap companies. Spelman distributes its research to a broad audience of institutional and individual investors seeking information on under-followed small cap stocks. The initial report on HydroFlo is expected to be completed and released in approximately two weeks.
Dennis L. Mast, CEO and Chairman of HydroFlo, Inc., commented, "We are pleased to have an analyst group such as Spelman to provide additional coverage on the company. We anticipate that this coverage will give our potential investors and shareholders greater knowledge of the company."
About the Company
HydroFlo, Inc. (http://www.hydroflo.us) 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 (http://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.
About Spelman Research
Spelman Research Associates, Ltd is an independent fee based research, publishing and distribution firm whose contract analyst adhere to the ethics and standards of the Association for Investment Research Management. The view expressed in the research report reflects the analyst's personal views about the issuer and its securities. Opinions and recommendations contained in the report are submitted solely for advisory and information purposes and are not intended as an offering or a solicitation to buy or sell the securities. The analysts are responsible only to the public and the report is not a service to the company. Spelman receives a fee of $23,500 from the company for one year's coverage. Spelman does not inform the company in advance of the nature or conclusions of the analysts' reports in advance of paying the fee nor can a company withdraw from coverage before the expiration of the one-year term. Neither the Analysts nor the company own equity or debt securities of the companies on which the contract analysts report.
Safe Harbor
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.