HydroFlo acquires Arsenic Removal Technologies Inc.
HydroFlo Inc., which makes aeration equipment for pre-treatment of wastewater, and UTEK Corp., an innovative technology transfer company, announced today that HydroFlo has acquired Arsenic Removal Technologies Inc. (ARTI), a wholly owned subsidiary of UTEK Corp., in a stock transaction...
RALEIGH, NC; LARAMIE, WY, and PLANT CITY, FL, Aug. 4, 2004 (Business Wire) -- HydroFlo Inc., a provider of aeration equipment used for the pre-treatment of wastewater, and UTEK Corp., an innovative technology transfer company, announced today that HydroFlo Inc. has acquired Arsenic Removal Technologies Inc. (ARTI), a wholly owned subsidiary of UTEK Corp., in a stock transaction.
ARTI holds a worldwide exclusive license to a novel method to remove water-soluble forms of arsenic from water utilizing a compound developed by researchers in the laboratory of Dr. Katta J. Reddy of the Department of Renewable Resources at the University of Wyoming. The technology produces no harmful by-products and removal doesn't require altering pH of inflow water. In addition, this method isn't affected by the presence of most other compounds commonly found in water, such as sulfates.
This technology is likely to be beneficial due to the EPA's adoption of a new standard requiring public water systems to reduce arsenic concentrations to below 10 parts per billion (ppb) in their water beginning January 23, 2006.
According to Dennis Mast, CEO of HydroFlo, Inc., "We believe that water providers need an economical and safe method to remove arsenic from drinking water. The acquisition of this license for arsenic reduction in drinking water should be synergistic with our goal of addressing the needs of cleaner water for municipal water systems. In addition, we believe that home owners utilizing water from wells also have a need for a low cost, safe, and efficient arsenic removal system."
"We are very enthusiastic about working with HydroFlo," said Tony Nevshemal, director of the Wyoming Research Products Center at the University of Wyoming, "as it helps to develop and commercialize our new arsenic removal technology. We believe that this method for removal of water-soluble forms of arsenic from human drinking water is an excellent opportunity for us to address a major health concern."
About HydroFlo Inc.
HydroFlo, Inc. is a Business Development Company, as defined by the Investment Act of 1940. Headquartered in Raleigh, North Carolina, HydroFlo's core focus is to seek out synergistic acquisitions that will provide capital appreciation and income from its portfolio companies. The company also provides a full range of related services to companies and municipalities to treat wastewater. The company's website is at www.hydroflo.us.
About Wyoming Research Products Center
Wyoming Research Products Center (RPC) was formally launched on October 1, 1999 as a collaborative effort between the University of Wyoming Research Office and the Wyoming Business Council to provide resources for developing a technology sector in Wyoming. Our goals include developing a greater awareness of what the state of Wyoming, including the University's research and development programs, can offer technology industries. We serve as the technology transfer office to the university and also provide similar assistance to Wyoming entrepreneurs and investors statewide. The center's website is at http://uwadmnweb.uwyo.edu/RPC/.
About UTEK Corporation
UTEK is a leading, market-driven technology transfer company that enables public companies to rapidly acquire innovative technologies from universities and research laboratories. We are the only company that facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. We call this process U2B(R). We seek to transfer proprietary technologies to create product differentiation, resulting in a strategic marketplace advantage. UTEK's website is at www.utekcorp.com.