CHESHIRE, Conn., Dec. 9, 2002 -- ISOPur Fluid Technologies Inc., formerly MAG Systems Inc., a maker of high-performance fluid purification solutions, announced recently that it has closed $8.0 million in preferred series "A" financing.
FA Technology Ventures, an investor in new energy and power generation technologies, led the round along with Siemens Venture Capital.
ISOPur Fluid Technologies is the developer of the patented "Balanced Charge Agglomeration"SM (BCA) filtration technology, which employs carefully balanced electrical charges to separate contaminants from oils and fuels. BCA provides an order of magnitude improvement in fluid purification capabilities over conventional filtration systems.
"The best mechanical filters on the market can only filter oils and fuels at the 3-5 micron level. However, it's the small, sticky particles at the sub-micron level that can really destroy a machine," said Kenneth Mabbs, a Senior Partner with FA Technology Ventures.
"We've talked to ISOPur customers who no longer need oil changes, are getting better performance out of mission critical equipment, and can indefinitely extend rebuild cycles. When you need to protect and extend the life of million dollar turbines and compressors, ISOPur provides a compelling return on investment."
"We are very pleased with the success of this financing round in an especially challenging venture capital environment, particularly for energy and industrial technologies" said CEO William W. Crossman.
"We were fortunate to receive testimonials from over 20 satisfied customers, as well as the results from extensive third party laboratory testing, to validate the strength of our technology. We are planning to immediately accelerate the commercialization of our technology, reduce our significant back orders, and scale up to meet the needs of our rapidly growing customer base. We expect this to result in substantial employment, research and development and manufacturing growth in Connecticut."
"As a leading developer of turbines and other types of industrial machinery, we are highly familiar with the key role of lubrication and working fluids in maximizing efficiency, availability, and equipment life," states Dr. Harald Kirchner of Siemens Venture Capital. "Our industrial divisions evaluated the ISOPur technology and identified a remarkable improvement over current alternatives."
About ISOPur
Headquartered in Cheshire, Connecticut, ISOPur Fluid Technologies, Inc is a provider of high-performance fluid purification solutions. Its products are based on its patented Balanced Charge AgglomerationSM (BCA) technology.
The company markets its expanding product line as ISOPur(tm) to OEMs (Original Equipment Manufacturers) as well as end-users, such as power plants and manufacturing facilities, for applications where its proprietary technology enables significant competitive advantage over conventional fluid filtration systems.
ISOPur is actively developing key strategic alliances with industry leaders such as Siemens, General Dynamics, and others. The company is also expanding its overseas sales network through its European subsidiary located in Lucca, Italy.
ISOPur will be seeking a new location to move its US headquarters, sales and research facilities somewhere in central Connecticut in the immediate future. For additional information please visit www.ISOPurFluid.com.
About FA Technology Ventures
FA Technology Ventures, located in Albany, NY and Boston, MA, provides equity capital for early to expansion stage information and energy technology companies.
The fund looks for companies founded upon technological breakthroughs or innovative business models that are led by experienced, passionate entrepreneurs. FA Technology Ventures plays a lead role in investments and actively looks to add value by partnering with management teams to maximize their chance for success. More information is available at
www.FAtechventures.com
About Siemens Venture Capital
Siemens Venture Capital (SVC) is the corporate venture organization for all Siemens' businesses worldwide. Located in Germany (Munich) and in the U.S. (Santa Clara, CA and Boston, MA), SVC plays a key role in the Siemens global network of innovation. The goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens.
More information is available at: www.siemensventurecapital.com
