RALEIGH, N.C., Nov. 4, 2003 (PRIMEZONE) -- HydroFlo, Inc. (OTCBB:HYRF) announced today that it has executed a joint letter of intent with a new partner in Northwestern Europe to begin the process of creating a subsidiary of the company.
The letter serves as the groundwork to begin a joint venture subsidiary of HydroFlo for the purposes of sales, marketing, and installation of its patented and proprietary aeration equipment in Europe. The letter also outlines the duties and responsibilities of each of the parties and will serve to outline ongoing operations and how financial distribution will occur.
For the development of this company in Europe, HydroFlo will provide the technical knowledge and oversight, a licensing agreement, and the use of its patent rights and logo for sales and marketing to industry and municipal clients in Europe.
HydroFlo is in the business of providing aeration equipment for pre-treatment of wastewater. Using the patented Pressure Line Up-Stream or PLUS system, customers begin the treatment process at their pumping stations, prior to the wastewater reaching a treatment plant. The company also provides a full range of related services to companies and municipalities to treat their wastewater at the treatment plant by the use of the energy efficient aeration systems in treatment lagoons.
"We look forward to beginning this partnership, and providing our clients and prospective customers with a range of wastewater treatment solutions," said Dennis Mast, CEO of HydroFlo.
For further information, visit the HydroFlo website at www.hydroflo-inc.com or contact HydroFlo at 919-772-9925.
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.