RALEIGH, N.C., Nov. 16, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced the filing of its 10-Q with quarterly financial results, which was filed with the Securities and Exchange Commission on November 15, 2004.
Dennis Mast, CEO of HydroFlo, commented, "This annual report illustrates that the Company is making progress as it works to expand the business of HydroFlo's subsidiaries and increase the value of the Company's investment portfolio. There are clear indications that progress has been made since the comparable quarter last fiscal year with improvement in shareholder equity.
"We expect continued improvement in the Company's financial performance as subsidiaries HydroFlo Water Treatment (HWTI) and Metals & Arsenic Removal Technology (MARTI) continue to grow and capture a larger segment of the water treatment and purification markets," added Mr. Mast.
The Company reported that its net assets (total assets less liabilities) had increased to $2,973,061 as of September 30, 2004 from $9,921 for the same period last year. Total liabilities decreased from $312,626 last year to only $23,105 this year.
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 portfolio investment companies include; HydroFlo Water Treatment, a business providing pre-treatment of wastewater by use of the patented Pressure Line Up-Stream or PLUS pre-treatment system which provides customers a treatment process at their pumping stations prior to the wastewater reaching a treatment plant, and Metals & Arsenic Removal Technology, Inc., a business providing proprietary and innovative methods and services for the removal of arsenic from drinking water to meet the current EPA requirements of less than 10 parts per billion in drinking water by January 2006.
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.