Cyclopss & OxiDyn Complete Acquisition Terms

ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.

SUBSCRIBE/UNSUBSCRIBE |

Conservation & Wildlife

Corporate Responsibility

Science & Technology

Syndication Partners

**************************************************************************

E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE

**************************************************************************

FOR IMMEDIATE RELEASE:

Cyclopss & OxiDyn Complete Acquisition Terms

UTAH, SALT LAKE CITY, Mar. 23 -/E-Wire/-- CYCLOPSS Corp. (OTCBB:OZON - news) and OxiDyn Inc. a Raleigh, N.C. ozone and products company Monday announced they have completed negotiations regarding an acquisition initially contemplated to take place before year end 2000.

Both companies are leaders in proprietary ozone products and technologies that, while having some similarities, are positioned in different market and industry segments.

"Cyclopss develops ozone products and technologies for cost-effective applications in several markets,' said Dr. Durand Smith, director of Cyclopss R&D.;

He continued, "OxiDyn is focused on specific applications for beverage bottling plants and food container sanitization and has become the recognized leader in those markets.'

OxiDyn sells proprietary rinsing and sanitizing ozone systems to beverage bottlers such as Pepsi Co., Dannon and P&G; (Sunny Delight). They also provide mobile wash systems that utilize ozonated water to spray down and sanitize food production equipment and facilities.

John Winings, who is the current chief executive officer of OxiDyn, will become CEO of the combined companies as part of the agreement.

"OxiDyn's recognized successes in the bottling and beverage markets coupled with the cutting edge of Cyclopss technology creates a unique combination and an extremely compelling opportunity,' said Winings. William Stoddard, who has been serving as the acting CEO of Cyclopss since September of 1998, will remain as president.

Under the terms of the new agreement executed on Feb. 16, 2001, the primary institutional investors in OxiDyn, The Aurora Ventures, LLC, Coastal Growth Partners, LP and Tri-State Investment Group II, LLC completed the purchase of a private placement of Cyclopss stock that will, in part, finance the acquisition.

The acquisition is scheduled to be closed immediately upon the completion of a audit of OxiDyn's financial records which is currently being undertaken by the company's independent auditors.

For more information please contact William Stoddard, president, Cyclopss Corp. at 801/972-9090, or John Winings, president/CEO, OxiDyn Inc. at 919/790-6767.

CYCLOPSS is a world leader in the development of ozone technology and applications for healthcare, consumers and industry.

Cyclopss Corporation

William Stoddard, 801/972-9090, Fax: 801/972-9092

http://www.cyclopss.com

**************************************************************************

To Transmit Your News Over E-Wire, visit http://www.ewire.com or

call 1-[REDACTED-PHONE]. E-Wire Is Broadcast To Millions Of Readers Worldwide

**************************************************************************