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Applied Process Technology, Inc. Announces Investment By SEACOR SMIT Inc. and Miller Environmental Group, Inc.
PLEASANT HILL, CALIFORNIA - August 20, 2003 - APPLIED PROCESS TECHNOLOGY, INC. ("Applied") announced the completion of an $8.3 million equity investment transaction by a group of investors led by SEACOR SMIT Inc. (NYSE:CKH), and the Miller Environmental Group, Inc.
Terry Applebury, President and CEO of Applied stated, "Applied's mission is to develop and deliver creative, integrated, cost-effective water treatment technology solutions and services to our customers. This investment will enable Applied to continue delivering its superior line of HiPOxT water treatment systems to the marketplace while staying on the leading edge of water treatment technology as we enhance existing products and services and develop groundbreaking new solutions for our customers."
Randall Blank, Executive Vice President and CFO of SEACOR and President of its environmental services division remarked, "Our investment in Applied represents a major expansion of our interest in environmental protection and remediation. We anticipate that with our financial backing and experience, Applied will be able to more rapidly expand its existing product lines and commercialize additional emerging technologies."
Mark Miller, President and CEO of Miller Environmental Group stated, "This investment represents a coordinated vision between Applied, Miller Environmental Group, and SEACOR. We look forward to helping Applied reach its full potential as a provider of technology for water treatment solutions."
Applied Process Technology, Inc. provides technically superior water treatment solutions and services to the drinking water and environmental remediation markets. Its initial product line, HiPOxT, is based on an advanced oxidation process that destroys a wide variety of water contaminants including MTBE, TBA, and 1,4-dioxane. Applied's innovative, new in-situ process dramatically reduces the time to remove underground water contaminants. In addition, Applied and its alliance partners offer other technologies that treat a variety of contaminants including perchlorate. New advanced products are under development.
SEACOR and its subsidiaries are engaged in the operation of a diversified fleet of offshore support vessels that service oil and gas exploration and development activities in the U.S. Gulf of Mexico, the North Sea, West Africa, Asia, Latin America and other international regions. Other business activities include environmental services, inland river operations, and helicopter transportation services to the oil and gas industry, mainly in the U.S. Gulf of Mexico.
Miller Environmental Group, Inc. (MEG) has over 30 years of experience servicing Governmental Agencies, as well as the energy utility, transportation, and petrochemical industries throughout the eastern United States. Specifically, MEG has extensive experience and expertise in the areas of Oil Spill and Hazardous Materials Response, Groundwater Remediation, Industrial Cleaning, and Natural Gas Pipeline Inspection and Decontamination.
For additional information, contact Terry Applebury of Applied Process Technology, Inc. at (925) 977-1811, ext. 201, or Randall Blank of SEACOR SMIT Inc. at (212) 307-6633, or Mark Miller of Miller Environmental Group, Inc. at (631) 369-4900, ext. 211.
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