Basin Water acquires Mobile Process Technology Co.

Sept. 19, 2007
Basin Water Inc. announced that on Sept. 14, 2007, it completed the acquisition of Mobile Process Technology, Co. (MPT) (Memphis, TN, USA), a provider of technology and services to the water treatment and industrial process markets. Under terms of the agreement, Basin Water has purchased the stock of MPT for approximately $11.8 million, with approximately 40% of the total paid out in Basin Water shares and the remainder in cash. MPT, with 24 employees and headquartered...

• New technology and personnel are expected to create synergies, extend geographical reach in municipal drinking water and provide a platform for industrial water and wastewater services and related treatment activities

RANCHO CUCAMONGA, CA, Sept. 17, 2007 -- Basin Water Inc. announced that on Sept. 14, 2007, it completed the acquisition of Mobile Process Technology, Co. (MPT) (Memphis, TN, USA), a provider of technology and services to the water treatment and industrial process markets. Under terms of the agreement, Basin Water has purchased the stock of MPT for approximately $11.8 million, with approximately 40% of the total paid out in Basin Water shares and the remainder in cash. MPT, with 24 employees and headquartered in Memphis, TN, is forecasted to have annual sales of approximately $6 million for 2007.

According to Mike Stark, President and Chief Operating Officer of Basin Water, the MPT acquisition represents both an excellent fit and an excellent value based on the strategic direction of Basin Water and the sale price of MPT. "Basin Water and MPT have had similar approaches to the marketplace in providing top flight technology in a services-based environment. Their capabilities augment ours in the municipal drinking water market from both a technological and geographical standpoint. MPT also gives us instant presence in the industrial services sector, allowing us to be active right now, without years of infrastructure development and cost that we would have otherwise had to undertake," he said. Stark went on to point out that MPT's central regeneration capabilities and analytical capabilities will expand Basin's service offering and reduce operating costs, and that the MPT Flexsorb® service line will allow Basin Water to provide economical treatment services to a very significant small well capacity market. There are a significant number of wells between 20 gallons per minute (gpm) and 350 gpm for which Basin Water has not had a consistently competitive offering to date. Further, MPT's geographic presence in the Southeast will provide a base for Basin's patented ion exchange service offerings for treatment of nitrate, radium, uranium and other contaminants.

According to Frank Craft, former President of MPT who will now be Vice President of Applied Technology at Basin Water, the new organization will allow MPT's technology and process design strengths to flourish on a commercial scale. "The vision and management strengths of the Basin Water team are ideal complements to what is a very strong technology base coming out of MPT. We're excited at the opportunities that we will have moving forward in the marketplace," he said.

Basin Water Inc. is a provider of reliable, long-term process solutions for a range of clients, which includes designing, building and implementing systems for the treatment of contaminated groundwater as well as waste reduction and resource recovery.

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