RALEIGH, N.C., March 4, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced the election of two independent members to its Board of Directors and the resignation of an existing Board member. More detailed information regarding the Board change is set forth in a Current Report on Form 8-K filed with the SEC.
On March 1, 2004, Shane H. Traveller and Ross W. Smith were elected to fill vacancies on the Board of Directors, and the Company accepted the resignation of Thomas Barbee from the Board. Mr. Barbee will continue to serve as the Company's President. As a result of these changes, the Company's Board of Directors is now comprised of a majority of independent directors.
Mr. Traveller brings an extensive background in service to public companies both as an independent auditor, then later as an officer and director. He is a licensed CPA and sits on the board of directors of two other public companies where he serves as chairman of the audit committee. Mr. Traveller has served in positions ranging from CFO, President and COO of both private and publicly traded companies. As a consultant and independent auditor, Mr. Traveller has been closely involved in the development and implementation of internal controls, management of staff, preparation and filing of countless financial statements and SEC filings.
Mr. Smith is a successful business professional that has started, owned, and operated several businesses in the past twenty years, ranging from printing and distribution to real estate holdings and investments. Through growth and management of various businesses, Mr. Smith has gained valuable experience in every aspect of successful business operations. Mr. Smith's accomplishments have included the startup and management of mini-storage facilities, acquisition and management of significant real estate holdings and a successful turnaround and sale of a previously faltering printing business.
Dennis Mast, CEO of HydroFlo, commented, "This new Board is consistent with the new direction of the Company and brings HydroFlo in compliance with the majority independent Board requirement of the Sarbannes-Oxley legislation. The Directors we have added bring a high level of integrity and experience to their positions and will specifically assist in the evaluation of strategic investments that the Company may contemplate in the future."
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.