The U.S. Environmental Protection Agency (EPA) announced its first National Groundwater Awareness Week Video Challenge. Beginning Feb. 1, EPA...
HydroFlo chairman and CEO Dennis Mast has addressed a letter to shareholders explaining the status of current operations and outlining the company's overall strategy. Highlights of the letter include the company's plan to dividend shares of Metals and Arsenic Removal Technology, Inc. (MARTI) common stock to HydroFlo shareholders as part of an overall plan to eventually create a public market for MARTI stock.
Mast said, "Our business model has always been founded on nurturing emerging technologies until they are strong enough to stand alone, and then rewarding HydroFlo shareholders for their continued support and investment. We are excited that the first of these opportunities is imminently forthcoming. Separating MARTI from HydroFlo will achieve several favorable results: 1) HydroFlo shareholders will reap the immediate benefit of having a more direct ownership interest in MARTI; 2) MARTI will be able to avail itself of financing on terms and in a structure that would not be otherwise available; and 3) creating a trading market for MARTI stock would better allow HydroFlo to value its investment portfolio."
Mast continued, "Our management team remains committed to the belief that MARTI and all of our portfolio companies are sound investments in proven technologies. To this date, MARTI has shipped 49,000 units of its water filters and 23,000 units of water pitchers, as well as installing a large commercial arsenic removal system. We consider these modest achievements to be a forerunner of increasing sales activity for the company. While MARTI will not recognize revenues from shipping units to distributors until units are subsequently resold, we consider the high level of interest and strong forecast to be a positive indicator for MARTI's future."