RALEIGH, N.C., March 8, 2004 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) today announced that the company has filed an election to become a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940. The N-54A Notification was filed with the Securities and Exchange Commission on March 04, 2004.
In the coming weeks, HydroFlo expects to announce the first acquisition that will form its investment portfolio, which is planned to enhance shareholder value through capital appreciation and dividend payments to the Company.
"The Company intends to assemble a strong portfolio consisting of developing businesses with the primary goal of delivering value to HydroFlo shareholders," commented Dennis Mast, CEO of HydroFlo. "The Company, with direction from its newly appointed independent Board of Directors, has already identified a number of attractive acquisition candidates and looks forward to building the value of its investment portfolio through the acquisition of companies with proven track records, sustainable cash flow, and that, with the proper investment capital, are positioned for long-term growth."
"We anticipate that many of these portfolio companies will be synergistic businesses within areas of HydroFlo's management expertise," added Mr. Mast.
About the Company
HydroFlo, Inc. has filed an election to become a Business Development Company, as defined by the Investment Act of 1940. Headquartered in Raleigh, North Carolina, HydroFlo intends to seek out acquisitions of companies that will fit into its planned portfolio in the rapidly growing water treatment industry and provide capital appreciation and income to its shareholders.
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.