HYRF HydroFlo Terminates Business Development Corporation Status
Jul 3, 2007 9:47:00 AM
APEX, NC -- (MARKETWIRE) -- 07/03/07 -- HydroFlo, Inc. (PINKSHEETS: HYRF) announced today that on July 2, 2007 it had terminated its status as a Business Development Corporation ("BDC") by filing Form N-54C with the Securities and Exchange Commission. HydroFlo intends to file reports with the SEC under the Securities Exchange Act of 1934, as amended (the "1934 Act") as it transitions to operate a water treatment systems business instead of operating as a BDC. HydroFlo intends to operate its business in a way that will no longer subject HydroFlo to the Investment Company Act of 1940. HydroFlo also announced that it intends to seek to have its stock become quoted by a market maker on the Over-the-Counter Bulletin Board, although no market maker has committed to do so.
As a first step toward achieving its goals, HydroFlo is beginning the process of preparing required financial statements for the years ended June 30, 2007 and 2006. It is expected that these financial statements will report our operations as a BDC, which will require us to obtain a valuation of the securities of the subsidiaries we own. To prepare to report as an operating company for periods after June 30, 2007, HydroFlo is conducting an inventory of physical assets located in various warehouses in Raleigh and Apex, North Carolina as well as Bensalem, Pennsylvania.
As HydroFlo CEO George Moore commented, "Although it has taken longer than originally anticipated, we are pleased that we have terminated our BDC status by filing Form N-54C. We are looking forward to being a fully reporting company and to having our shares quoted on the OTC markets, but we know we still have to comply with many requirements before that can occur. We are not able at this point to predict when we will achieve our goals."
HydroFlo, Inc. is headquartered in Apex, North Carolina. HydroFlo's core business is water treatment systems that will improve the quality of water throughout the world by means of detection, treatment and removal of contaminants. For more information, please visit www.hydroflo.us.
Forward-Looking Statements
This announcement contains forward-looking statements, including statements regarding the intention to cease being subject to the Investment Company Act of 1940, to file periodic reports with the SEC under the 1934 Act and to cause our Common Stock to become quoted by a market maker on the OTC-Bulletin Board. Actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, delays in preparing financial statements, delays in valuations of our assets and delays in independent accountants conducting an audit of our financial statement, all of which activities will require substantial time and money, which may delay or prevent us achieving our goals. Our plans to have our stock quoted on the OTC-Bulletin Board require both filing required documents with the SEC and a market maker filing and obtaining approval to quote our stock. Currently, no market maker has committed to do so. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
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