Smith & Loveless and Hydranautics Announce the Sale of S&L UK Affiliate to Hydranautics B.V.

April 15, 2003

Smith & Loveless, Inc., headquartered in Lenexa, Kan., and Hydranautics, with headquarters in Oceanside, Calif., jointly announced that Hydranautics B.V., the European subsidiary of Hydranautics, purchased the Smith & Loveless, Inc. United Kingdom affiliate. The company will trade as Hydranautics, Ltd. With this acquisition, Hydranautics has acquired the majority interest in Kalsep, Ltd., a United Kingdom company located in Camberly and engaged in the engineering of membrane based water treatment systems for municipal and industrial applications.

As part of the agreement, Smith & Loveless Inc. will retain the exclusive rights to manufacture and market FIBROTEX filtration technologies in North America, Central America, South America and all U.S. territories and possessions. Smith & Loveless Inc. will also retain a non-exclusive right to sell the FIBROTEX technology to the rest of the world.

In announcing the sale, Robert L. Rebori, Chairman & CEO of Smith & Loveless and Ken Klinko, President & COO of Hydranautics, stated that the transaction will allow both companies to continue to focus on their strengths and develop and utilize the latest advances in their respective markets.

Source:

Smith & Loveless

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