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Electrolytic Ozone Raises Series A Financing

11/3/2010 8:47:16 AM

Electrolytic Ozone Inc. (EOI) today announced completion of Series A funding. EOI develops and manufactures ultra-compact, safe and reliable ozone generators that harness the benefits of ozone to improve the safety and quality of the human environment. EOI ozone cells enable innovative sanitization, deodorization and preservation applications of ozone for consumer, food safety, health and medical uses.

The company is a spin out of Element Six, Ltd., a global leader and innovator in supermaterials with a history spanning more than 50 years. EOI utilizes synthetic industrial diamonds produced by Element Six as a key component in a novel ozone cell design. The proceeds will be used to introduce the EOI technology to light industrial and consumer OEMs for integration into appliances and fixtures. Early applications of interest include water purifiers, dishwashers, washing machines, kitchen faucets, commercial ice makers, and many other applications that require compact electrolytic ozone cells. EOI ozone cells are designed to provide a safe and efficient alternative to chemical or thermal sanitizers.

The company also announced its management team and Board of Directors. EOI is led by high-tech veteran Wayne R. Lieberman. With nearly three decades of experience, Mr. Lieberman is considered a strong operational entrepreneur with many successful endeavors. He has led the accelerated growth and successful liquidity events of several companies focused on both consumer and industrial products. Mr. Lieberman previously served as CEO and President of Entorian Technologies Inc. (OTC Markets: ENTN), VP/GM of Marvell Semiconductor, Worldwide Manager of DSP Software Business Development for Texas Instruments, as well as in various other senior management positions.

The leadership team also announced the appointed of Bill Yost as COO. Mr. Yost has more than 10 years of product development experience in consumer electronics (Sony Electronics), telecoms (Corning Inc, Polatis Ltd) and advanced materials (Element Six Ltd). Prior to founding EOI, Mr. Yost managed turn-around growth in a technical sales organization. Mr. Yost holds patents in sensing technologies, optics, semiconductor packaging and ozone cell construction.

Also included on the management team are Hossein Zarrin as CTO and Dave Lutz as VP of engineering. Mr. Zarrin brings more than 20 years of experience in the ozone and sterilization industries. He has developed ozone equipment from concept to production and has managed technical teams of up to 60 people. Previously, he was Program Manager of Pharmaceutical Ozone at MKS Instruments, and served as Director of Engineering at In-USA Ozone Inc.

Mr. Lutz’s accomplishments include development of some of the earliest ink-jet printer cartridge designs. Additionally, he founded and led Sequel Imaging (computer peripherals) and achieved growth through boot-strap financing until the acquisition of Sequel by a Swiss company.

Finally, EOI is pleased to announce the appointment of Susan Wheeler as Chairman of the Board and Brendon Grunewald as Board Director.

Ms. Wheeler is the Managing Director E6 Group Ventures. E6 Ventures is the corporate venture fund of Element Six, part of the DeBeers Group. Ms. Wheeler has extensive experience in private equity and growth companies. Previously, Ms. Wheeler worked as VP M&A and Strategy for Boart Longyear, a portfolio company of Bain Capital, Advent and Macquarie where she drove an industry consolidation of mining services companies prior to its IPO in 2007. Prior to Boart Longyear, during her extensive tenure at Bain & Company, Ms. Wheeler led client engagements in North and South America as well as Europe, providing due diligence strategic assistance to private equity firms and operational assistance to various portfolio companies. Currently, Susie is a Board Director for E6 Ventures portfolio companies.

Brendon Grunewald is head of E6 Ventures. Mr. Grunewald has had direct experience building businesses from start up as well as being involved at various executive positions in major companies including Siemens in Germany. He served as CEO and Board member of Sinfilo, where he took the company from incorporation to one of the best known WLAN operators in Europe with a successful exit to Telenet in October 2003. Brendon is also founder and CEO of IceVista, an advisory firm based in Brussels, Belgium that assists companies and investors of all sizes with research, financial structuring or restructuring, refinancing, fund raising (debt and equity), as well as due diligence and M&A.

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