Membrane Systems Corporation. Membrane Systems, Inc.



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Membrane Systems Corporation Has Been Acquired By Membrane Systems, Inc. A Wholly-Owned Subsidiary of H 2 O Innovation (2000) Inc. The Undersigned Provided Investment Banking Services to Membrane Systems Corporation SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

Layne Christensen Company Has Acquired American Water Services Underground Infrastructure, Inc. An American Water (USA), Inc. Company The Undersigned Provided Investment Banking Services to American Water (USA), Inc. SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

American Water Residuals Management, Inc. A Company Owned by American Water (USA), Inc. Has Been Acquired by A Portfolio Company of The Undersigned Provided Investment Banking Services to American Water (USA), Inc. SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

The F.B. Leopold Company, Inc. A Company Owned by Management and Has Been Acquired By The Undersigned Provided Investment Banking Services to PNC Equity Partners and Management SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

Aquatrol Corporation A wholly-owned subsidiary of Autotrol Corporation has been acquired by TANACQO, INC. A subsidiary of TANO Corporation New Orleans, Louisiana The Undersigned Provided Financial Advisory Services to Autotrol Corporation

Severn Trent Environmental Services, Inc. Houston, Texas A Provider of Water and Wastewater Services has Completed the Acquisition of PARSONS CONTRACT OPERATIONS COMPANY The Undersigned Provided Financial Advisory and Valuation Services to Severn Trent Environmental Services, Inc.

$15,340,000 Non-Recourse Project Financing for Island Recycling & Environmental Corporation whose principal shareholder is Severn Trent (Del.), Inc. Wilmington, Delaware Special Obligation Revenue Bonds for the Glen Cove Co-Disposal Energy Recovery Facility, Series 1993 Issued by The Glen Cove Industrial Development Agency The Undersigned Provided Financial Advisory Services to Severn Trent

Has entered into a contract with Tampa Bay Desal for the design, construction and operation of a $107 million, 25 million gallon per day desalination facility The Undersigned Provided Project Financial Advisory Services to Tampa Bay Water

Engineering & Consultants, Inc. A multi-disciplined engineering firm specializing in water and wastewater treatment and a wholly-owned subsidiary of Philadelphia Suburban Corporation has been acquired by Acer Consultants Limited Guilford, England The Undersigned Provided Financial Advisory and Valuation Services to Philadelphia Suburban Corporation

Severn Trent Environmental Services, Inc. Houston, Texas A Provider of Water and Wastewater Services has Completed the Acquisition of A National Provider of Pipeline Services The Undersigned Provided Investment Banking Services to Pitometer Associates, Inc.

A Worldwide Industrial Gases, Vacuum Technologies and Distribution Services Company Has Acquired A Leading Provider of Water & Wastewater Outsourcing Services The Undersigned Provided Investment Banking Services to Environmental Management Corporation, Inc.

Certain Assets of Ashbrook Corporation Have Been Conveyed by Ashbrook Corporation, a Wholly Owned Subsidiary of Thames Water Holdings, Incorporated and Certain Assets of Simon-Hartley Have Been Conveyed by Thames Water Products Limited to Ashbrook Simon-Hartley, LP A Limited Partnership Owned by Blue Sage Capital, Atreides Capital, LLC and Management The Undersigned Provided Investment Banking Services to Thames Water Holdings, Incorporated SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

The F.B. Leopold Company, Inc. A Wholly Owned Subsidiary of Thames Water Holdings, Incorporated Has Been Acquired By A Private Equity Firm with Over $1 Billion of Capital Under Management The Undersigned Provided Investment Banking Services to Thames Water Holdings, Incorporated SCULLY CAPITAL Financial Services for the Environmental & Infrastructure Industries

Engineering & Consultants, Inc. A wholly-owned subsidiary of Philadelphia Suburban Corporation has been acquired by Severn Trent (U.S.), Inc. Radnor, Pennsylvania The Undersigned Provided Financial Advisory and Valuation Services to Philadelphia Suburban Corporation

a subsidiary of Has been awarded the contract for the engineering and construction of a $25 million reverse osmosis water treatment plant in Capistrano Valley Water District San Juan Capistrano, California The Undersigned Provided Financial Advisory Services to ECO Resources, Inc.

Avatar Utility Services, Inc. A Florida-Based Operations & Maintenance Company has been Acquired by Severn Trent Services, Inc. Fort Washington, Pennsylvania The Undersigned Provided Financial and Valuation Services to Severn Trent Services, Inc.

Through Its Wholly Owned Subsidiary, American Anglian Environmental Technologies, L.P., has Acquired the Joint Venture Membership Interests in Owned by A Leading Provider of Water & Wastewater Outsourcing Services The Undersigned Provided Financial & Valuation Services to Environmental Management Corporation, Inc.

Has Been Awarded a 20-Year, $164 Million Operations and Maintenance Contract to Manage the 105 Million Gallon Per Day Wastewater Treatment Facility for The City of Wilmington, Delaware The Undersigned Provided Financial Services to U.S. Filter Operating Services SCULLY CAPITAL Investment Banking for the Environmental & Infrastructure Industries

Severn Trent Environmental Services, Inc. Houston, Texas A Provider of Water and Wastewater Services has Completed the Acquisition of MOYER & ASSOCIATES, INC. Celebration, Florida The Undersigned Provided Financial and Valuation Services to Severn Trent Environmental Services, Inc.

Southwest Water Company, Inc. Has Acquired A Majority Interest In Operations Technology, Inc. The Undersigned Provided Investment Banking Services to Operations Technology, Inc. for this Transaction SCULLY CAPITAL Investment Banking for the Environmental, Energy & Infrastructure Industries

Severn Companies, Inc. Has been acquired by American Capital & Research Corporation through its wholly-owned subsidiary Triton Systems Corporation The Undersigned Provided Financial Advisory Services to Severn Companies, Inc. in this Transaction

Gulf States Analytical, Inc. An Environmental Testing Laboratory has been acquired by Core Laboratories, Inc. Houston, Texas The Undersigned Represented Gulf States Analytical, Inc.in this Transaction

Severn Trent Services, Inc. Fort Washington, Pennsylvania Has Acquired the Following Companies: UNIVERSAL AQUA TECHNOLOGIES, INC. ECOMETRICS, INC. ENVIRONMENTAL SYSTEMS TECHNOLOGY CORPORATION AVATAR UTILITY SERVICES, INC. PLANNED COMMUNITY MANAGEMENT, INC. The Undersigned Provided Financial and Valuation Services to Severn Trent Services, Inc.

Wheelabrator Technologies, Inc. Has Acquired BioGro Systems, Inc. A Leading Biosolids Management Company. The Undersigned Provided Investment Banking Services to BioGro Systems, Inc.

The United States Department of Energy has Selected BNFL Inc. The U.S. Subsidiary of British Nuclear Fuels, plc To Treat and Immobilize Radioactive Waste at the Hanford Washington Site. The Two-Part Contract has an Estimated Value of U.S. $6,900,000,000 The Undersigned Provided Project Finance, Privatization, and Related Financial Advisory Services to the United States Department of Energy in Cooperation with Pacific Northwest National Laboratories SCULLY CAPITAL Investment Banking for the Environmental & Infrastructure Industries

Environmental Management Corporation Successfully Completed and Transitioned the Privatization of the Wastewater Treatment Facility for THE CITY OF MOUNT VERNON, ILLINOIS The Undersigned Provided Financial Services to Environmental Management Corporation

Severn Trent Services, Inc. Fort Washington, Pennsylvania Has Acquired the Following Companies: HYDRA-STOP, INC. VERMONT PIPELINE SERVICES COMPANY, INC. SPECIALTY SEWER SERVICES, INC. M. CAPUTO & ASSOCIATES, INC. UTILITY PIPELINE, INC. BYRD/FORBES ASSOCIATES, INC. The Undersigned Provided Financial and Valuation Services to Severn Trent Services, Inc.

MOL Hungarian Oil & Gas Company Has entered into a 15 year contract with to finance, construct and manage the $35 million upgrade for the wastewater treatment facilities at the Duna Refinery in Szazhalombatta The Undersigned Provided Outsourcing and Financial Services to MOL Hungarian Oil & Gas Company