H2O Innovation Receives Coveted “Technology Green 15 Award” at the 2009 Deloitte Technology ‘Fast 50’ Awards

H2O Innovation Receives Coveted “Technology Green 15TM Award” at the 2009 Deloitte Technology Fast 50TM Awards

QUEBEC CITY, QUEBEC–(Marketwire – Oct. 1, 2009) –

H2O Innovation Inc.  (TSX-V:HEO)  is a winner of the prestigious Deloitte Technology Green 15TM Award, an award created in 2007 to showcase 15 Canadian companies that are leading the way to create major breakthroughs in the field of green technology.  “The Deloitte Technology Green 15TM Award recognizes those Canadian companies that offer solutions to global environmental challenges by creating intellectual property and technology that reduce society’s environmental impact,” said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Companies such as H2O Innovation are creating technology solutions that have a significant environmental impact and demonstrate a compelling return on investment, despite being in a recession. In doing so, they are helping position Canada as a global leader in the development of commercially-viable green technology.”

H2O Innovation designs, develops, produces, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water, the reclamation of water, the treatment of wastewater and industrial process water for multiple markets. H2O Innovation has completed and successfully integrated 4 acquisitions in the last 20 months in Canada and the United States. The Company was ranked 20th largest global supplier of desalination systems and ranks 3rd in North America according to industry publication Water Desalination Report.

H2O Innovation disclosed its 2009 fiscal year results by press release on Monday September 28, 2009. For this fiscal year ended June 30, 2009, H2O Innovation registered record sales, solid growth in EBITDA and cash generated from operating activities while having significantly reduced its net loss by 98% to $65,148. During the fiscal year, the Company’s sales reached $31.2 M, a 189% increase compared to $10.8 M for the 2008 fiscal year. Gross margin was at 23.8% for the fiscal year 2009, slightly down from 24.8% for the same period in 2008. EBITDA (earnings before interest, taxes, depreciation and amortization) for fiscal 2009 was $1.1 M, compared to a ($3.0 M) loss before interest, taxes, depreciation and amortization in fiscal 2008. The Company recorded a net loss of ($65,148) ($0.001 per share) for the 2009 fiscal year, significantly lower than the net loss of ($3.6 M) ($0.100 per share) recorded in fiscal 2008.

To qualify for the Technology Green 15TM Award, candidates must be headquartered in Canada and devote a significant portion of their operating revenues to creating proprietary technology or intellectual property.
About the Deloitte Technology Green 15TM

The Technology Green 15TM recognizes Canada’s leading GreenTech companies. GreenTech, the industry term for “green technologies”, is taking on greater importance in the world in general, and the world of business in particular. It includes any technology that promotes a more efficient use and re-use of the earth’s resources in industrial production and consumption. GreenTech products and services are designed to reduce or eliminate environmental impacts and improve operational performance, productivity, or efficiency while reducing costs, inputs, energy consumption, waste, or pollution. Although many companies within GreenTech industry sectors are very different, they share a common trait: all use new, innovative technology to create products and services that compete with existing products and services on price and performance while reducing impact on the environment.

About the Deloitte Technology Fast 50TM

The Deloitte Technology Fast 50TM program is Canada’s pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Technology Fast 50TM Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50TM candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications and emerging technologies) and the Deloitte Technology Green 15TM Awards (Canada’s leading GreenTech companies that promote a more efficient use and re-use of the earth’s resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, RBC, Wellington Financial, Stonewood Group, HKMB Hub, CATAAlliance, CleanTech Group, IGLOO, ITAC, MaRS and Microsoft. For further information, visit www.fast50.ca.

About H2O Innovation

Exclusively dedicated to water treatment, H2O Innovation is establishing itself as a key player in sustainable development and the field of clean technologies. H2O Innovation designs, develops, produces, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water, the reclamation of water, the treatment of wastewater and industrial process water in the municipal, commercial, industrial, mining, and energy markets. Additionally, the Company offers complete operating and maintenance solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 100 employees and eight offices including three manufacturing and assembly plants in Canada and the United States. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) as well as on the NYSE Euronext Alternext Exchange (MNEMO: ALHEO).

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