AbTech Industries, Inc. Completes Financing of $6.8 Million
Scottsdale, AZ (PRWEB) -- AbTech Industries, Inc., a leading environmental technologies firm dedicated to providing customized clean water solutions, today announced it has completed a private financing in the amount of $6,800,000.
With this financing, AbTech can significantly expand its sales and marketing efforts as well as commit additional resources to broaden the application of its patented, proprietary technology in a variety of new and emerging markets. AbTech's filtration systems, fitted with their Smart Sponge® technology, are the only products on the market that do not require electricity or moving parts to capture trash and debris, absorb oil, grease and other hydrocarbons, and kill bacteria such as E. coli and fecal coliform on contact.
Glenn Rink, Founder, President and CEO of AbTech Industries stated, 'We are extremely pleased with the support we have received from our investors. They know the importance of expanding innovative technology in the new, emerging clean water markets and recognize the key role AbTech's products play in enabling cities and municipalities, as well as private sector companies, to meet their obligations under the Clean Water Act.'
Bernard L. Madoff Investment Securities LLC, a leading U.S. securities firm, participated in the financing along with several other institutional investors.
'Madoff Securities is pleased to have played a role in AbTech's most recent financing,' stated Ned P. Zachar, Portfolio Manager at Madoff Securities. 'This is an opportune time for water technology investments and in our view, AbTech is the right company to take advantage of increasing demand for cost-effective stormwater treatment technologies.'
AbTech Industries' technology allows its customers to tackle water pollution issues in a way that is efficient, cost-effective and more environmentally healthy for the general public and wildlife. Currently being used in over 28 states, AbTech's filtration systems, fitted with Smart Sponge® technology, are recognized by the Environmental Protection Agency as a Best Management Practice (BMP) under the federal environmental guidelines that apply to local and state governments. Additionally, AbTech's Smart Sponge® technology has received support from many government and public officials including: U.S. Senator Joseph Lieberman, who was instrumental in securing the funding for a project involving the installation of AbTech products in over 275 storm drains in Norwalk, CT.
Glenn Rink added, 'I also want to underscore that this financing is a landmark event for AbTech as we expect it to provide us with sufficient capital to reach positive cash flow from operations.'