RALEIGH, N.C., April 7, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced that the Company has received $250,000 in equity financing from the Compass Capital Group as part of the previously announced financing commitment of up to $5 million.
With the bourgeoning opportunities in water treatment due to needed upgrades of critical water systems and water supply infrastructure in the United States, the Company plans to use capital infusions to invest in the operations of its subsidiary, HydroFlo Water Treatment, Inc., as well as making other investments in synergistic businesses. The U.S. wastewater infrastructure includes 16,000 publicly owned wastewater treatment plants, 100,000 major pumping stations, 600,000 miles of sanitary sewers, and 200,000 miles of storm sewers.
"The $5 million financing commitment and first round of funding by the Compass Capital Group demonstrates their confidence in the ability of the Company to take advantage of the abundant opportunities in the water treatment industry. It is our goal to utilize this and potential subsequent funding to expand operations and increase revenues of HydroFlo Water Treatment and other planned operating subsidiaries," commented Dennis L. Mast, CEO of HydroFlo Inc.
About the Company
HydroFlo, Inc. (www.hydroflo.us) is a Business Development Company, as defined by the Investment Act of 1940. Headquartered in Raleigh, North Carolina, HydroFlo 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.