Washington , D.C. , Paladin Capital Group’s Homeland Security and Partners’ Funds announced today a $10.5 million investment in AgION Technologies, Inc., the leading provider of engineered antimicrobial solutions that continuously prevent the growth of bacteria, mold, and fungus on a broad range of industrial, consumer and medical products. Michael Steed, Paladin’s Managing Director, created Paladin’s Homeland Security Fund by bringing together former top military and intelligence officials including the CIA’s James Woolsey, National Security Agency’s Lt. General Kenneth Minihan and Naval Warfare technical advisor, Dr. Alf Andreassen, to develop the Paladin Homeland Security Fund to invest in existing companies with immediate solutions designed to prevent and defend against terrorist attacks as well as to cope and recover from such attacks or other threats.
AgION will use this new funding to expand sales and marketing while it continues its development of cutting-edge product applications. The Company’s flagship product is sold under the AgION trademark, and when AgION™ is incorporated into or applied to finished products, it will continuously control the growth of microbes in or on the product. In most cases its use can be engineered to last for the lifetime of the product. The technology also is safe and efficacious. AgION antimicrobial is registered with the EPA for numerous applications including food and drinking water contact as well as heating, ventilation and air conditioning systems. It also is recognized by the FDA as an acceptable food contact substance.
Given the enormous range of applications for the AgION antimicrobial, a diverse number of global companies have capitalized on AgION engineered solutions. These include: Honeywell (humidifiers); DuPont (various coatings for multiple applications); Vygon (medical catheters); Bosch Siemens BSH (refrigerators); Doctors’ Research Group (stethoscope diaphragms); Specialty Filaments (janitorial and home brushes); Ice-O-Matic (ice dispensers); Robitussin (humidifiers); Teva Sandals (2001 Time magazine “Most Innovative Product” winner); Colorcon (medical, food and pharmaceutical packaging); FossFibre (fiber for filters and bedding); Sargent’s SARGuard (architectural hardware for commercial construction); Waterpik (personal health care); and AK Steel (stainless and carbon steel for multiple applications – Popular Science “Best of What’s New 2001”). In addition, the AgION antimicrobial is being featured in the AK Steel Concept Home, an award-winning antimicrobial home, now under construction in the Los Angeles area (www.akconcepthome.com).
“This partnership with Paladin dramatically increases our capability to market the AgION antimicrobial throughout the world,” explains Roger M. Freedman, AgION’s Chairman and CEO. “This additional funding validates our importance as a homeland security investment and continues to strengthen our leadership position worldwide.”
Michael Steed, Paladin Capital Group’s Managing Director, adds: “AgION has enormous potential to be the leader in the fight against bacterial attacks initiated by terrorists on unsuspecting civilian and military personnel by becoming the world’s most innovative, cost-effective supplier of antimicrobial compounds. Both our principals and advisory board have recognized this opportunity as well as its enhancement of our funds’ portfolios.”
Paladin’s Alf Andreassen, Ph.D., and Paul Bracken, Ph.D., have joined the AgION Technologies’ board of directors. Dr. Andreassen, a principal of Paladin’s Homeland Security Fund, is a former technical adviser for naval warfare for the Office of the Chief of Naval Operations as well as a former executive at AT&T and Bell Laboratories, the latter where he promoted technological innovation in national security. Dr. Bracken, a member of Paladin’s Strategic Advisory Group, is a Professor of Management at Yale University , a member of the Council on Foreign Relations and serves on the board of advisors for “D” Division of Los Alamos Laboratories and on the Chief of Naval Operations Executive Panel
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