HydroFlo Announces New CEO
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APEX, NC-(MARKET WIRE)-July 12, 2006 - HydroFlo, Inc today announced that George A. Moore, III has been named CEO of the company.
Moore states, "On July 10, 2006 I accepted the position of CEO of HydroFlo Inc. The offer made by Capital Access Inc (CAI), a major holder of HydroFlo stock with proxy of the majority of HydroFlo Inc stockholders, comes at a time of considerable corporate disorder. To address this problem I have set several levels of objectives. Short term objectives include stabilizing the corporation's Portfolio Companies, fulfill the MARTI
spinout and dividend requirements, and support the continued growth of the portfolio companies financially. Secondary objectives, but still short term is to bring the portfolio companies into financially self supporting operations, as well as developing outside funding for the continued growth of each of the corporate entities.
Long term objectives will require addressing the mandate of the June 2006 stockholders meeting. Accomplishing this mandate requires the plan formerly advocated by Dr. Hill be revisited. The rejection of changes in corporate bylaws not being permitted by the stockholders, in effect, led to the resignation of Dr. Hill. Effort of management to restore confidence in the company will require a future stockholders meeting to elect a
new Board of Directors. This Board of Directors will be a "Managing Board" selected by stockholders to aid in the growth and recovery from the past year's problems. The announced "Planned" change made by Dr. Hill in his June 28, 2006 press release, which included the planned merger of all corporate groups into two companies, required stockholder approval which was not forthcoming, and will require reversal of direction on some issues desired by Dr. Hill. These are the continuation of Mike Doss and Deanna Britt in their current positions as Chief Operating Officers of Safety Scan Technology Inc and Ultra Choice Water Inc respectively. HydroFlo, additionally, will retain its BDC format.
I have reviewed the list of investor emails over the last three months; the need to respond to stockholders in a scheduled letter from the CEO is evident. I will commit to a letter twice monthly to update where the corporation stands, and issues being addressed. This letter and future letters will be posted on the corporate web site ( hydroflo.us )."
About HydroFlo
HydroFlo (http://hydroflo.us) is a Business Development Company, as defined by the Investment Act of 1940. Headquartered in Apex, North Carolina,
HydroFlo's core focus is to seek out synergistic acquisitions that will provide capital appreciation and income from its portfolio companies. The mission of HydroFlo is to locate, develop, and fund innovative technologies and businesses and utilize these acquisitions to make pure water available to the world by means of disinfection,
purification, and removal of contaminants. It is our belief that water can overcome hunger, disease, poverty, and improve the overall quality of life on earth.
