PRESS RELEASE
Contact: Missy Hayes | 440.505.0962
MAR Systems Successfully Closes Series B Round of Funding
Cleveland-based Early Stage Partners vital in round of funding that provides $1.5 million to clean water technology company
(SOLON, Ohio) October 30, 2009 – MAR Systems is pleased to announce the initial closing of its new $1.5 million Series B round of funding led by Early Stage Partners, a Northeast Ohio venture capital firm, with participation from several of MAR’s existing investors. The funding allows MAR to continue product development and commercialization of its Sorbster™ media that removes mercury, arsenic and other heavy metals from water.
“We’re on the verge of changing the water treatment industry with our media,” said Tony Lammers, chief executive officer, MAR Systems. “Not only is MAR excited to continue commercialization on its latest media, but to have a partner in Northeast Ohio that understands what we are accomplishing is extremely rewarding.”
“Early Stage Partners is pleased to be able to support MAR Systems by leading this round of funding,” said Richard Stuebi, managing director, Early Stage Partners. “MAR Systems’ new and innovative technology relating to the removal of mercury contamination in water streams could have an extremely positive impact not just here in Northeast Ohio or the United States, but globally."
Looking forward, MAR Systems will continue to execute on-site water testing, secure product and expand research & development through a post-doc grant in partnership with Case Western Reserve University School of Engineering.
###
ABOUT MAR SYSTEMS:
MAR Systems is a privately owned, Ohio-based company that was established in 2005. As a result of the increasing presence of hazardous metal contaminants found in water, MAR Systems has developed patented, proprietary processes that remove mercury, arsenic and other heavy metals from industrial water streams through its Sorbster™ media. The Sorbster™ media works by chemisorbing the contaminants, creating a non-hazardous disposal option, and has demonstrated success that is 20,000 times faster than current technologies. MAR Systems’ process establishes a new standard in effectiveness, cost and simplicity. The world is demanding a more eco-friendly water treatment solution, and MAR Systems is answering the call with a FASTER, CHEAPER, GREENER water treatment solution. For more information, visit www.marsystemsllc.com
ABOUT EARLY STAGE PARTNERS:
Early Stage Partners is an early stage venture capital firm based in Cleveland, Ohio. The company invests in promising opportunities in instrumentation and control technology, life sciences, advanced materials, cleantech, information technology, and electronics. The company's principals have over one hundred years combined experience in early stage company formation and development, with a significant network of relationships throughout the United State that can be used to attract management, develop strategic partnerships, and provide later stage funding. Online at www.esplp.com
