Press Release –
Waste Resources Fund L.P. and Smithfield Trust Company Attracted to Combination of World-Class Robotic Inspection Technologies and Sophisticated Data-Analysis Software Enabling Customers to Make Better Decisions
PITTSBURGH, PENNSYLVANIA – February 23, 2012 – RedZone Robotics, Inc. (“RedZone” or the “Company”), a designer and manufacturer of wastewater inspection technologies and related analytical solutions for municipalities, contractors and engineering companies, today announced (i) a $6.5 million investment by Waste Resources Fund L.P. (“WRF”), a fund managed by FourWinds Capital Management (“FourWinds”), a privately owned investment manager advising primarily on investments in natural resources and commodities markets across the globe, and (ii) a $2 million investment by Smithfield Trust Company (“Smithfield Trust”), a privately owned financial institution chartered and regulated by the Pennsylvania Department of Banking. RedZone will use the funds to continue to expand its product offering and geographic reach. As a result of the financing, FourWinds’ Valérie Daoud Henderson will join the Company’s board of directors.
Today’s wastewater managers are tasked with making critical decisions about their valuable collection system assets while being limited by insufficient information, technologies, time, funding, and resources. The U.S. Congressional Budget Office has estimated that between the years 2000 and 2019, the investment for wastewater systems would have to be between $13 and $20.9 billion annually, which according to the U.S. Environmental Protection Agency (EPA )would require a $150 billion increase in current funding, a shortfall that is not likely to be covered without new spending and operations practices. Communities need useful information that is accurate, complete, centralized, and standardized to enable them to use their limited funding where it is critically needed. Now with the increase in EPA compliance enforcement, cities are under even more pressure to have a complete understanding of their system with time constraints impossible to meet without upgraded practices. RedZone’s solutions provide the actionable information required to make better decisions while reducing spending and negative environmental impact. RedZone accomplishes these results by providing a suite of world-class robotic sewer inspection technologies and sophisticated data-analysis software that are more accurate, cost-effective and efficient than conventional means.
“New technology has clearly shown to be vital to advancements in every industry throughout the world, unfortunately the extent of technological innovation seen in other industries has bypassed our aging wastewater industry, which has for too long remained out of sight and therefore out of mind.” Said Valérie Daoud Henderson of FourWinds, “With innovative robotic inspection technology and asset management services, RedZone fills this innovation gap, allowing wastewater managers to fully understand their system in the most cost-effective and efficient way. We are excited to now be a part of the continued growth and success of RedZone.”
Today, RedZone serves customers globally spanning large and small municipalities and wastewater agencies, as well as regional and national engineering firms.
About RedZone Robotics, Inc.
RedZone Robotics provides a wastewater infrastructure asset management platform that helps municipalities globally manage their valuable and abundant wastewater assets. Using RedZone’s proprietary data acquisition robotics and industry leading ICOM3 wastewater asset management software, RedZone provides municipalities and engineers’ tools that provide better information that can be used to comply with regulatory requirements, spend limited financial resources smartly, and save the environment. For more information please visit www.icom3.com.
About Waste Resources Fund L.P. and FourWinds Capital Management
Waste Resources Fund L.P., a fund managed by FourWinds Capital Management, targets investments in high growth opportunities in liquid and solid waste processing opportunities across industrial, urban and rural waste. It aims to provide capital appreciation through diversified exposure to a global portfolio of water and waste-related investments.
FourWinds Capital Management, the manager of WRF, is a specialist in global commodities and natural resources with products investing across energy, metals, agriculture, timber, water, waste, and alternative energy. The FourWinds’ teams have extensive experience across natural resources and investment management.
About Smithfield Trust Company
Smithfield Trust Company is a privately owned financial institution chartered and regulated by the Pennsylvania Department of Banking. Smithfield received its charter on November 26, 1996, and withstood the challenges of the bear markets of the early 2000‘s by continuously adding new customer relationships and assets under administration. By its 10th anniversary in November, 2006, Smithfield was administering $640,000,000 in assets. Consistent growth continues today with asset levels at $875,000,000.
Smithfield Trust Company offers a full range of trust, custody, and investment management services to individuals, their families, foundations, endowment funds, and employee benefit plans. Smithfield provides the highest levels of personal service, the utmost in confidentiality, and a variety of investment managers and styles, including venture capital and private equity opportunities. Smithfield’s constant focus on its customers and their needs has led it to be considered one of the premier providers of trust and investment management services in Western Pennsylvania.