EXPANSION CAPITAL PARTNERS ANNOUNCES
THE PURCHASE OF AN ADDITIONAL 1,700,000 SHARES OF BIOREM INC.
San Francisco, California August 21, 2006. Clean Technology Fund II, LP (Clean Technology), through its general partners, Expansion Capital Partners II, LP and Expansion Capital Partners II General Partner, LLC (collectively, Expansion Capital), reported that on August 21, 2006, Clean Technology entered into a subscription agreement (the Agreement) with Biorem Inc. (BIOREM) pursuant to which, subject to certain terms and conditions, Clean Technology has agreed to purchase from BIOREM and BIOREM has agreed to issue and sell to Clean Technology 1,700,000 common shares (the Shares) of BIOREM, representing approximately 14.2% of the outstanding Shares of BIOREM.
Including the 1,700,000 Shares to be acquired pursuant to the Agreement, Clean Technology and Clean Technology Fund I, LP will own 3,100,000 Shares of BIOREM, representing approximately 25.9% of the outstanding Shares. Expansion Capital is the general partner of Clean Technology and Clean Technology Fund I, LP, and it controls the Shares owned by such funds.
Clean Technology owns the Shares for investment purposes. Clean Technology may, in the future, take such actions in respect of its holdings as it deems appropriate in light of the circumstances then existing, including the purchase of additional Shares of BIOREM or the sale of existing holdings, through privately negotiated transactions or through the open market.
Bernardo Llovera, a general partner of Expansion Capital will continue to serve on the board of BIOREM, where he has been a director since October 2004.
About Expansion Capital:
Expansion Capital is a venture capital firm that invests in expansion-stage clean technology companies. The firm specializes in energy, advanced materials, water and wastewater and manufacturing efficiency. For more information, visit www.expansioncapital.com or contact Bernardo Llovera at firstname.lastname@example.org.
BIOREM® manufactures BIOSORBENS(TM) biofilter media and is a leading supplier of biofilters for air pollution control in municipal and industrial applications, including the recently acquired BIOCUBE® modular units. With over 400 installed systems and over a decade of experience, the companys biofilters are the technology of choice for odor control at Wastewater Treatment Plants across North America. www.biorem.biz.
For further information (including obtaining a copy of the early warning report filed as a result of this transaction), please contact:
90 Park Avenue
New York, NY U.S.A. 10016
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