H2O Innovation Once Again Recognized As One of Canada's 200 Fastest-Growing Companies Over The Last Five Years

QUEBEC CITY, QUEBEC--(Marketwire - June 1, 2011) - H₂O Innovation Inc. ("H₂O Innovation" or the "Company") (TSX VENTURE:HEO)(ALTERNEXT:MNEMO:ALHEO) is honoured to announce that it has been named for a second consecutive year to the 23^rd annual PROFIT 200 ranking of Canada's Fastest-Growing Companies by PROFIT Magazine. H₂O Innovation ranks 67^th based on the 867% growth of its revenues over the last five fiscal years (ending June 30, 2010 for H₂O Innovation).

"Being recognized for a second year in a row as one of the fastest-growing companies in Canada over a five-year period is an accomplishment we are very proud of. We could not have recorded this sustained long-term growth without our people, our long list of reference projects, our comprehensive offering of water treatment solutions, and a strong market demand for them," stated Frédéric Dugré, President and CEO of H₂O Innovation Inc. "We are actively engaged in the growth of our company, and, looking ahead, we will seek to expand our presence in the fast growing mining and oil & gas industries in Canada, as well as our international activities."

H₂O Innovation's revenue growth over the past five years is the result of a combination of organic growth coupled with the successful integration of acquired businesses and the implementation of strategic partnerships such as the Company's Indian joint-venture, H₂O Innovation India Ltd.

Ranking Canada's Fastest-Growing Companies by five-year revenue growth, the PROFIT 200 profiles the country's most successful growth companies. Published in the Summer issue of PROFIT and online at PROFITguide.com, the PROFIT 200 is Canada's largest annual celebration of entrepreneurial achievement.

"The PROFIT 200 companies are the innovative, high-growth enterprises Canada needs to compete on the global stage", says Ian Portsmouth, Editor-in-Chief of PROFIT Magazine. "PROFIT is proud to celebrate their achievements and ambitions, and we encourage all business people to learn more about the many ways they've come so far, so fast."

About H₂O Innovation

Building on 11 years of experience, H₂O Innovation designs, manufactures, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water and industrial process water, the reclamation and reuse of water, and the treatment of wastewater in the municipal, commercial, institutional, industrial, oil & gas, mining, and energy markets. The Company also offers operating and maintenance solutions for membrane filtration and reverse osmosis systems. H₂O Innovation has approximately 100 employees, seven offices including three manufacturing plants in Canada and the United States and is a founding partner of H₂O Innovation India, a joint venture based in Mumbai, India. Shares of H₂O Innovation are listed on the TSX Venture Exchange (HEO) and on the NYSE Euronext Alternext Exchange (MNEMO: ALHEO). For more, visit www.h2oinnovation.com.

About PROFIT Magazine

PROFIT: Your Guide to Business Success is Canada's preeminent publication dedicated to the management issues and opportunities facing small and mid-sized businesses. For 29 years, Canadian entrepreneurs and senior managers across a vast array of economic sectors have remained loyal to PROFIT because it's a timely and reliable source of actionable information that helps them achieve business success and get the recognition they deserve for generating positive economic and social change. Visit PROFIT online at PROFITguide.com.