Waterlink, Inc., Files for Bankruptcy

The United States Bankruptcy Court for the District of Delaware had entered the Findings of Fact, Conclusions of Law and Order Under Section 1129 of the Bankruptcy Code and Rule 3020 of the Bankruptcy Rules Confirming the Modified Joint Consolidated Chapter 11 Plan of Liquidation of the Debtors and the Committee Pursuant to Chapter 11 of the United States Bankruptcy Code. The Plan confirmed by the Bankruptcy Court will result in the liquidation of all remaining assets of the Company, the proceeds from which will be used to partially satisfy unsecured creditors. Copies of the Confirmation Order and the Plan have been attached as an exhibit to the Company's report on Form 8-K filed today with the U.S. Securities and Exchange Commission.

Pursuant to the Confirmation Order, the Plan has been confirmed, is enforceable and will take effect within the next two weeks. Under the Plan, the holders of Class 5 Equity Interests will receive no distribution on account of their shares. On the Effective Date, all equity interests in the Company will be extinguished. There will be no amounts or other property distributed to common stockholders of Waterlink. The Plan further provides that on the Effective Date, the current officers and directors of Waterlink shall be deemed to have resigned and the Liquidating Trustee, Theodore Gavin, shall be the sole officer and director of the Company.

Waterlink had previously announced, on February 4, 2004, that it and its wholly owned operating subsidiary, Barnebey Sutcliffe Corporation, had agreed to a purchase agreement with Calgon Carbon Corporation, a Delaware corporation, for the Buyer to purchase substantially all of the assets and business operations of Waterlink, including the operations of Barnebey Sutcliffe Corporation and the subsidiaries of Waterlink in the United Kingdom. The purchase agreement was approved by the Bankruptcy Court at a hearing held on February 3, 2004, and a copy of the purchase agreement was attached as an exhibit to the Company's report on Form 8-K filed with the SEC on February 9, 2004.

Waterlink, Inc.

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