Aqua Care and Duriron announce pending sale of Duriron Filtration Systems Division

Business Wire, March 5, 1997

DAYTON, Ohio and CORAL SPRINGS, Fla.--(BUSINESS WIRE)--March 5, 1997--Aqua Care Systems Inc. (NASDAQ:AQCR) and The Duriron Co. Inc. (NASDAQ:DURI) announced Wednesday that they have signed a letter of intent in which Aqua Care will purchase the assets and assume certain liabilities of the Filtration Systems Division ("FSD") of Duriron.

Duriron and Aqua Care said that closing of the transaction is expected by March 31, 1997, subject to the completion of the definitive purchase agreement and Aqua Care's financing arrangements. The terms of the pending transaction were not disclosed.

William K. Mackey, chairman and CEO of Aqua Care, said: "We look forward to adding the FSD business to the Aqua Care family. FSD makes highly respected filtration systems and metering pumps which complement our existing products in the water filtration/purification and wastewater treatment businesses. FSD also has a skilled workforce and proven manufacturing facilities which will significantly increase the production capabilities of Aqua Care. We also see many synergies between our existing businesses and FSD, which had 1996 sales of over $14.7 million."

William M. Jordan, chairman and CEO of Duriron, added: "The FSD operations are a small part of our global business and do not fit our strategic direction. Completion of this divestiture will help us focus more management attention on our growing core businesses which meet the fluid handling needs of the chemical process industries."

Aqua Care Systems Inc., based in Coral Springs, Fla., is a manufacturer and supplier of municipal, industrial, and residential water filtration and purification systems. Aqua Care Systems' subsidiaries include EnviroSystems Supply Inc., Pure Flow Water Co. Inc., Gravity Flow Systems Inc., Car Wash Equipment & Supplies Inc., KISS International Inc., Midwest Water Technologies Inc., Di-tech Systems Inc. and Integrated Process Automation Systems Inc.

Duriron reported 1996 sales of $605.5 million with net earnings of $43.3 million. Incorporated in 1912, Duriron serves the diverse needs of the chemical process industries through the efforts of its 3,900 employees and a worldwide network of manufacturing and sales facilities. Its product lines include centrifugal process pumps, automatic control valves, rotary valves and associated automation equipment, mechanical seals and sealing systems, laboratory drainage pipe and fittings, and high alloy castings.

CONTACT: Aqua Care Systems Inc., Coral Springs

William K. Mackey, Chairman, C.E.O.

954/796-3338