Electropure, HOH Reach Agreement
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LAGUNA HILLS — Electropure Inc., a newly formed company that builds purified-water systems, said it has signed a letter of intent to be the sole manufacturer and distributor of a patented water purifying device invented by a financially strapped Newbury Park company.
Under the agreement, Electropure investors would be paid off from the income generated under the licensing agreement, and the Laguna Hills company would become a subsidiary of HOH Water Technology Corp.
HOH’s device purifies water through a patented electronic method that eliminates ions in water, said Electropure founder Floyd Panning. Industrial machines that create ultra-pure water are used by hospitals, pharmacies and food processing plants. Older, less efficient water purification methods involve using chemicals to remove the ions, he said.
HOH has been suffering financially since it attempted to build a home water treatment system in Puerto Rico and is now $2 million in debt, Panning said.
The licensing deal will allow HOH, a public company, to restructure itself as the holding company for Electropure, a 2-month-old private firm.
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