RALEIGH, N.C., April 22, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced that Company President Dennis L. Mast has contacted Perennial Strategy Group, a Washington D.C. based lobbying firm, and is in discussions for Perennial to represent HydroFlo in an effort to access a portion of the $5.2 billion in Federal funds allocated to address the worsening state of America's water and wastewater systems.
Included in this effort will be HydroFlo's planned participation in lobbying to urge Congress to increase and reform the existing Drinking Water State Revolving Fund (DWSRF) to provide at least $15 billion over the next five years for infrastructure, rather than the existing $5.2 million allocation. Over 100 water professionals from across the country have poured into Washington, D.C. this week in an effort to urge Congress to address critical drinking water issues, including investing in water security and infrastructure and protecting sources of water from contamination.
HydroFlo is also considering attending the Water Security Congress in Charlotte, North Carolina on April 25-27, an event that will bring agencies such as the Environmental Protection Agency (EPA), the FBI, and FEMA, as well as security experts, water professionals and drinking water utility leaders from around the nation.
"The growing opportunities for Federal funding for the water treatment industry are just an additional benefit for the Company as it moves forward to expand its presence nationally. Many municipalities are looking to install more advanced technology solutions to improve their treatment of wastewater and decrease corrosion of the pipelines, such as those that HydroFlo Water Treatment, Inc. provides, but may lack the resources to make these improvements. By lobbying for Federal monies allocated by Congress, HydroFlo can help to introduce the funding sources to its potential customers. In this way, we believe that HydroFlo Water Treatment, Inc. can expand its customer base and become an extremely valuable investment in our portfolio to the benefit of our shareholders," commented Dennis L. Mast, CEO and Chairman 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'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.
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.