EnviroScrub Technologies Receives $1.0 Million Equity Investment from MP Investments 28 September 2001 Minneapolis, MN   EnviroScrub Technologies Corporation (“EnviroScrub”) announced that they received a $1.0 million equity investment from MP Investments, a subsidiary of ALLETE, Inc., (NYSE:ALE) headquartered in the Duluth, Minnesota. ALLETE is a diversified multi-services company with businesses in 43 states and nine Canadian provinces. Its workforce of nearly 14,000 employees is active in four business segments: automotive services, water services, investments, and energy services. Minnesota Power, an ALLETE subsidiary, generates, transmits, and distributes electricity to 144,000 customers in Minnesota and Wisconsin.   MP Investments purchased 200,000 shares of EnviroScrub stock, representing approximately 3% of shares outstanding, at a price of $5.00 per share.   “The addition of this sophisticated, knowledgeable industry investor as a shareholder is a great step forward for our company. It reaffirms the quality and market potential of our dry PahlmanTM Process NOx and/or SOx scrubbing technology,” commented Kurt Steinbergs, EnviroScrub’s Executive Vice President & Chief Financial Officer. “This investment will springboard EnviroScrub toward the commercialization of its technology and the realization of revenues in 2002,” continued Mr. Steinbergs.   EnviroScrub, a privately-held deployment-stage company based in Minneapolis, Minnesota, licenses its dry PahlmanTM Process technology, which has proven to be exceptionally effective in removing NOx and/or SOx gases from natural gas- and coal- fired power plant emissions. EnviroScrub plans to compete in the multi-billion dollar U.S. emissions-reduction-technology (“ERT”) market beginning in 2002.   Back to News

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