HydroGlobe acquired by Graver Technologies

December 22, 2004

HOBOKEN, N.J. -- HydroGlobe, a Technogenesis environmental technology company incubated at Stevens Institute of Technology, which produces patented products for the removal of heavy metals - including lead and arsenic - from water, has been acquired by Graver Technologies, a leading manufacturer of filtration and separation products.

HydroGlobe was founded in 2000 by three Stevens professors based on research conducted at the Center for Environmental Systems (CES), directed by Dr. Christos Christodoulatos. In addition to Christodoulatos, the HydroGlobe founders include Dr. George P. Korfiatis (CES founding director and also Dean of Stevens' Schaefer School of Engineering) and Dr. Xiaoguang Meng, Director of Technical and Academic Development at CES. The technologies are included in a series of patents obtained by the founders of the company. The newly merged business will be run out of Graver Technologies' facility in Glasgow, Del.

"This is a validation of our philosophy at Stevens, which rests on the belief that real-world solutions can be found for major real-world problems through technology innovation," said Stevens President Harold J. Raveché. "The Stevens Technogenesis philosophy also holds that innovation is the key to enriching the marketplace and creating new kinds of employment, and that is exactly what we are seeing with the acquisition of HydroGlobe."

"HydroGlobe's acquisition by Graver is a great recognition of our pioneering work at the Schaefer School and in the Center for Environmental Systems specifically," said Dean Korfiatis. "These technologies will treat potable water supplies at both the home and municipal level, for vast populations in the US and abroad. I take pride in this, and I congratulate my colleagues Christodoulatos and Meng on this achievement."

Dr. Helena S. Wisniewski, Stevens' Vice-President for Institute Technology Initiatives, negotiated the technology licensing agreement on Stevens' behalf.

"This acquistion and our agreement with Graver to license Stevens' water-filtration technologies through their HydroGlobe unit is a major affirmation of Stevens' vision of Technogenesis," said Wisniewski. "It is proof that the innovation-to-implementation philosophy of technology development works on a grand scale, and that it offers major long-term benefits to society and to the Institute through IP royalties and licensing."

Angelo Panteleo, President and CEO of Graver Technologies said, "This acquisition of technology, superior products and key management will provide the platform on which we will build our residential filtration business."

John Schroeder, a Stevens alumnus and the past President of HydroGlobe, will assume the role of VP Operations. Mr. Schroeder, who was instrumental in developing the patented technology into market-leading products, said, "With the resources of Graver Technologies and Marmon behind us we can now penetrate key markets while we continue to refine and improve our products and processes. We believe this technology will provide unique solutions to the ever expanding Arsenic removal market."

Chris Wilker, formerly President of Alamo Water Refiners, will assume the role of President of Graver Technologies' HydroGlobe Division.

The Marmon Group of Companies is an international association of more than 100 companies that operate independently within diverse business sectors.
-end-
About Stevens Institute of Technology
Established in 1870, Stevens offers baccalaureate, masters and doctoral degrees in engineering, science, computer science, management and technology management, as well as a baccalaureate in the humanities and liberal arts, and in business and technology. The university has enrollments of approximately 1,780 undergraduates and 2,700 graduate students, and a current enrollment of 2,250 online-learning students worldwide. Additional information may be obtained from its web page at www.Stevens.edu.

For the latest news about Stevens, please visit www.StevensNewsService.com.

Stevens Institute of Technology

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