RALEIGH, N.C., Feb. 11, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced that the company's Board of Directors has met and agreed to undertake certain changes in business strategy that are designed to raise capital and expand the reach of HydroFlo and its proprietary wastewater treatment systems into new markets.
Key elements of the strategy include plans to install a majority independent Board of Directors, the expansion of operations into additional global markets and working closely with an appropriate funding partner, all of which is designed to allow the company to grow to meet its business objectives and provide greater value for its shareholders.
Dennis L. Mast, CEO of HydroFlo, Inc., commented, "Given the recent milestones the company has reached and the greater exposure provided by our expanding media campaign, the Board felt that it was necessary to discuss ways in which HydroFlo can meet more ambitious business objectives. An independent Board is one of the steps the company is taking to come into compliance with the Sarbannes-Oxley Act and generally improve corporate oversight. The Definitive 14C Information Statement filed with the Securities and Exchange Commission on February 9, 2004 indicated some of the steps that the Board sees as necessary for the company to reach its full potential and bring additional value to its shareholders.
"This new focus will not change the status of the company's planned or ongoing projects, and instead is expected to provide even more opportunities for the application of HydroFlo's wastewater treatment technology," added Mr. Mast.
About the Company
HydroFlo, Inc. (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, customers begin the 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.