Abtech Holdings Adds Two Innovative Technology Experts with Significant Commercial Success to Its Advisory Board
AbTech's Smart Sponge® Plus Receives EPA Extension
AbTech Closes $2 Million 7 1/2% Debt Offering with final funding of $1.1 Million
SCOTTSDALE, Ariz., June 2, 2014 /PRNewswire/ -- Abtech Holdings, Inc. (OTC QB: ABHD) ("AbTech" or the "Company"), a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination, today announced the addition of Upen Bharwada with subject matter expertise in liquid separation technologies of functional polymers, adsorbents and polymeric membranes, and Alexander Mouldovan, a successful entrepreneur and technology visionary, to its Advisory Board.
Mr. Upen Bharwada is recognized for catalyzing accelerated growth of four liquid separation technologies from the early stages of their respective Technology 'S' curves. Through teamwork, market-centric focus, patents and innovative leadership, the products and technologies he developed and commercialized have generated a cumulative $1.2 billion in direct revenue while creating a demand of $3 billion cumulative for adjacent space products, systems, chemicals and engineering services over 25 years. Mr. Bharwada was with the DOW Chemical Company for 18 years in positions of successively complex technical and business responsibilities including V.P. of R&D and BOD member at the FilmTech Corporation. He served as V.P. of Manufacturing and R&D as well as V.P. of the Asia Pacific and ANZ Business Unit in his four years at ZENON Environmental Inc. in Oakville, Ontario (now a part of GE Water). He also served as President and Chief Operating Officer at HYDRANAUTICS in Oceanside, California and was a Business Operations Executive for the Filters and Membranes P&L of GE Water and Process Technologies. He joined Hydration Technology Innovations in Scottsdale, AZ as an Executive V.P. and Chief Technology Officer in 2011 to assist in the development and commercialization of Forward Osmosis technology in industrial applications. Mr. Bharwada has B.S. in Chemical Engineering from Institute of Technology at BHU (affiliated with Indian Institute of Technology), M.S. in Chemical Engineering from Illinois Institute of Technology, Chicago and an MBA in Marketing and Finance from University of Cincinnati.
Alexander Mouldovan founded Crowd Factory, a social marketing platform for businesses used by companies including HBO, Microsoft, Comcast, Molson, Sony Music and McAfee, which was acquired by Marketo in 2012. At Marketo, he led Product Management, driving the Roadmap and development priorities for the company, through and past the IPO in May 2013. Mr. Mouldovan also created or led product for Tribe Networks (acquired by Cisco) and Cenzic (acquired by Trustwave) and InterTrust (IPO and later acquired by Phillips and Sony for $453M). Educated at Dartmouth, he now operates as an investor and advisor to technology and sustainability companies, striving to create a world where we are proud to live.
Commenting on the latest additions to Abtech's advisory board, Glenn Rink, Abtech's CEO, said, "We are very fortunate to have attracted such highly accomplished professionals to our Advisory Board who each has successfully launched and commercialized disruptive technology into the market. We believe that both Upen and Alexander will help us to shorten our sales cycle and open new opportunities for the AbTech SmartSponge® technology."
In addition, AbTech announced today that it has received an extension from the U.S. Environmental Protection Agency ("EPA") of a time limited registration of its antimicrobial Smart Sponge Plus material under the Federal Insecticide, Fungicide and Rodenticide Act, which was conditioned upon AbTech submitting additional data regarding the active ingredient in Smart Sponge Plus. In January 2014, when it became evident that the requested laboratory tests would provide data of no scientific value, the Company requested a waiver from the EPA of the data requirement and requested that the time-limited condition of the registration be lifted and the registration be made effective without a time limitation. In May 2014, the Company filed a request for an additional extension of the time-limited registration, which was granted to year-end 2014.
Also, on May 30, 2014 AbTech secured funding of the final $1.1 million of the $2 million multi-advance credit facility private offering initiated in March 2014. The credit facility is in the form of short-term, 7.5% secured promissory (non-convertible) notes with accompanying 20% warrant coverage.
ABOUT ABTECH HOLDINGS, INC. (OTC QB: ABHD) AND ABTECH INDUSTRIES, INC.
AbTech Industries, Inc. (a subsidiary of Abtech Holdings Inc.) is a full-service environmental technologies and engineering firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination. Its products are based on polymer technologies capable of removing hydrocarbons, sediment and other foreign elements in stormwater runoff (ponds, lakes and marinas), flowing water (curbside drains, pipe outflows, rivers and oceans), and industrial process and wastewater. AbTech's offerings include the ground-breaking new antimicrobial technology called Smart Sponge® Plus. This technology is effective in reducing coliform bacteria found in stormwater, industrial wastewater, and municipal wastewater. Smart Sponge® Plus is registered with the Environmental Protection Agency (Registration #86256-1). AbTech's teams of water treatment technology experts, civil and environmental engineers, and field operations specialists develop solutions to improve the quality of our limited water resources. AEWS Engineering (a subsidiary of Abtech Holdings, Inc.), is an independent engineering civil and environmental engineering firm partnered with top research and engineering universities. By focusing on bringing new engineering and technology innovation to the water infrastructure sector, AEWS is positioned to be at the forefront of stormwater Best Management Practices development and to deliver the latest in design excellence to its customers. For more information please visit www.abtechindustries.com. More information on AEWS Engineering can be found at www.aewsengineering.com.
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SOURCE Abtech Holdings, Inc.