Biorem manufactures biofilters to eliminate odors, volatile organic compounds and Hydrogen Sulfide (H2S) at industrial sites and municipal waste water treatment plants. The waste water market is trending to biofilters as the best solution for odor control as they have the lowest lifecycle cost and highest airflow treatment capacity. The Company employs a proprietary bio-based filtration media and systems configuration to eliminate odorous chemical compounds at sewage works and industrial facilities. Biorem serves municipal waste water treatment plants and industrial sites across North America. Our due diligence for this investment concluded the following:

• Technology is rated as a top performer among biofiltration companies.
• Good market traction, with over 60 biofilter installations in the last 3 years.
• Customer satisfaction has been very high.
• A strong management team with a track record of growth in related investments.
• Highly-respected co-investors.

Since Expansion Capital's initial investment in the company, Biorem has had a successful public offering and currently trades on the Toronto Venture Exchange (Ticker: TSX:BRM)

www.biorem.biz