| August 7, 2001
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA), a leading provider of industrial air pollution
control technology, today announced it has entered into an Investment
Agreement to form a strategic alliance with Hamon Research-Cottrell, Inc. As
part of the Investment Agreement, Hamon Research-Cottrell acquired directly
from the Company 500,000 shares of TurboSonic common stock, representing an
approximately 4.7% equity interest, at US$1.00 per share. A member of the
Hamon Group, which has worldwide annual revenues in excess of US$580 million,
Hamon Research-Cottrell is a global leader in air pollution control technology
with significant growth over the past four years.
The following actions have taken place:
- Certain of TurboSonic's shareholders, including officers and directors,
granted options to Hamon Research-Cottrell to acquire control of
TurboSonic from these shareholders at prices ranging from $1.80 to $2.50
per share. These options are exercisable only in the event that Hamon
Research-Cottrell initiates a tender offer for TurboSonic's common stock.
- Jonathan Lagarenne, CEO of Hamon Corporation, will join TurboSonic's
Board of Directors.
- A joint management team, consisting of sales, marketing and engineering
personnel from each company, is now in place to target sales opportunities
for their combined technologies.
During 2000, Hamon acquired majority ownership of several companies,
including 64% of Rothemühle Apparatebau Brandt & Kritzler, a supplier of
rotary air preheaters and air pollution control systems, Mariani Battista, an
Italian firm specializing in the design of large chimneys for power plants and
protective linings (brick refractories), and 60% of Fluid Dynamics, a
Brazilian-based air pollution control firm.
The Agreement enables Hamon Research-Cottrell to market TurboSonic's
products, including the SonicKleen™ Wet Electrostatic Precipitator (WESP)
and the TurboSOx SO2 Recovery system, through its expanding
worldwide sales and distribution channels. In turn, TurboSonic now has access
to Hamon Research-Cottrell's air pollution control technologies, including
their NOx control systems-to which much of Hamon Research-Cottrell's recent
revenue growth is attributed-as well as fabric filters and dry electrostatic
precipitators (ESP). The combination of the Hamon Research-Cottrell and
TurboSonic technologies provides customers with a complete solution for
meeting stringent industrial emission regulations, including the new U.S. EPA
MACT rules.
"Obviously, we are very excited about this new partnership. Hamon
Research-Cottrell is a large, respected company with an established and
experienced international sales force, which continues to expand through
acquisitions. By combining our efforts and sharing technology, both companies
will be able to pursue a wider range of opportunities with success,"
stated Edward Spink, TurboSonic's chairman and CEO. "The equity
investment is evidence of both companies' commitment to the success of this
strategic alliance".
"Hamon Research-Cottrell continues to expand its role as a world
leader in providing air pollution control solutions to the international
marketplace. TurboSonic's capable staff and technology form a key element of
our growth strategy to service industry with the most advanced technology
available and we look forward to a long and rewarding partnership",
stated Jonathan Lagarenne, CEO of Hamon Corporation.
TurboSonic Technologies, Inc.
TurboSonic Technologies designs and markets proprietary air pollution
control technologies to industrial customers worldwide. Its products are
designed to meet and exceed the strictest emissions regulations, improve
performance, reduce operating costs and recover valuable by-products.
Industries served include Pulp & Paper, Metal & Mining, Cement, Waste
Incineration, Power Generation, Wood Products and Petrochemicals.
Hamon Research-Cottrell
Hamon Research-Cottrell provides expertise, technologies, and services to
solve many pollution control needs. Solutions include wet and dry
electrostatic precipitators; dry and semi-dry acid gas scrubbing systems; ash
handling; selective catalytic reduction (SCR, selective non-catalytic
reduction (SNCR), and hybrid NOx control systems; and fabric filters which
include compact hybrid particulate collectors (COHPAC), reverse gas, and high,
intermediate, and low-pressure pulse-jet. Expert repair, upgrades,
maintenance, consulting services, and parts for all of its products are also
provided by Hamon Research-Cottrell.
A member of the worldwide Hamon Group, which is headquartered in Brussels,
Belgium, Hamon Research-Cottrell has almost 100 years of experience in
providing capital equipment to a wide range of industries including power
generation, petrochemical, glass, pulp & paper, metals and cement.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and involve known and unknown risks, uncertainties and
other factors that may cause the Company's actual results, performance or
achievements to be materially different from the results, performance or
achievements expressed or implied by the forward-looking statement. Factors
that impact such forward looking statements include, among others, changes in
worldwide general economic conditions, changes in interest rates, government
regulations, and worldwide competition.
For further information, contact:
Patrick Forde, President
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
Jonathan Lagarenne,
CEO
Hamon Corporation
58-92 East Main Street, Somerville, New Jersey 08876
Phone: (908)333-2107 Fax: (908) 333-2152
|
