H2O Innovation acquires OxydH2O

May 31, 2002

H2O Innovation (2000) Inc., a leading Canadian company in the application of innovative water treatment solutions, has acquired the common and preferred shares of OxydH2O Canada Inc., Bioflo Inc. and 3765415 Canada Inc. (OxydH2O/Bioflo), companies specialized in the design and manufacturing of waste water treatment systems.

Through this acquisition, H2O Innovation also acquires the knowledge and additional expertise in the development and operation of competitive systems for waste water and drinking water treatment markets. The management team of OxydH2O/Bioflo composed of Jean-Jacques Demers and Lise Nantel will remain at the helm, thus insuring continuity in the operation and development of the waste water treatment division.

According to Guy Goulet, president and CEO of H2O Innovation, "This acquisition is a tremendous opportunity of business development for both organizations. The combination of our operations and technological know-how will increase immediately our sales and enhance the development of new market networks since OxydH2O/Bioflo has representations in North Africa, Latin America, the Philippines and Canada. It will also allow us to maximize the use of our facilities and production resources at our Ham-Nord plant (Quebec), an improvement of the gross margins of the Company and the faster infringement of the breakeven point".

The extension of the H2O Innovation product line, with the addition of two products certified as standard by the "Ministère de l’Environnement du Québec" (MENV) and the "Ministère des Affaires Municipales et de la Métropole du Québec" (MAMM) for the treatment of wastewater in the municipal, industrial, agri-food, residential and tourist sectors will insure the rapid and effective growth of H2O Innovation.

Source: H2O Innovations