RALEIGH, N.C., May 12, 2004 - HydroFlo, Inc. (OTCBB:HYRF) today announced that the Company is assisting its clients in Pennsylvania to access water and wastewater technology grants from the state's $3 million Department of Environmental Protection (DEP) Growing Greener grant program.
The program will help communities, municipalities, municipal authorities and public school districts finance improvements to their existing sewage facilities and drinking water systems using innovative or new water and wastewater technology such as those provided by HydroFlo's subsidiary, HydroFlo Water Treatment, Inc. Grants of up to $500,000 per project are being made available to make physical improvements to existing drinking water and sewage treatment facilities and systems that utilize commercially available innovations that provide significant advantages over conventional technology.
HydroFlo CEO, Dennis L. Mast, commented, "We are in contact with the Pennsylvania DEP and are in the process of making the innovative technologies offered by HydroFlo Water Treatment, Inc. (HWTI) available to customers seeking state grant money. Given the program's stated goal of using new and innovative technology, this would seem a perfect fit for HydroFlo. The more opportunities that communities, municipalities and other public entities have to avail themselves of financial resources to improve their water infrastructure, such as this grant program, the larger the potential customer base for HydroFlo becomes. We look forward to expanding our participation in these programs, since they can have a direct impact on revenues for HWTI and portfolio value for HYRF."
Pennsylvania's proposed 2004-05 budget would use $80 million over four years to enhance the health of waterways and redirect an additional $21 million a year to the Environmental Stewardship Fund to invest in groups that help revitalize communities, improve watersheds and protect the environment.
HydroFlo, Inc. (http://www.hydroflo.us) is a Business Development Company whose core focus is to seek out synergistic acquisitions that will provide capital appreciation and income from its portfolio companies. Its first portfolio investment company, HydroFlo Water Treatment (http://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, HydroFlo Water Treatment provides customers a treatment process at their pumping stations, prior to the wastewater reaching a treatment plant.
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 involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.