Carter Morse & Mathias Announces $10.5 Million Series B Raise for AgION Technologies

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FOR IMMEDIATE RELEASE

SOUTHPORT, Connecticut, March 1, 2003 -- Carter Morse & Mathias today announced that AgION Technologies, LLC, headquartered in Wakefield, Massachusetts, has raised $10.5 million of Series B preferred stock, its first institutional round of financing, from Paladin Capital Group. The Paladin investment brings AgION’s total invested capital to $36 million. Carter Morse & Mathias was AgION’s exclusive financial advisor in the transaction.

AgION Technologies is 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. AgION will use the Paladin funding to expand sales and marketing while it continues its development of its flagship product, sold under the AgION trademark. Its diverse customers include global companies such as Honeywell Consumer Products Inc., DuPont, Bosch Siemens BSH, AK Steel, Ice-O-Matic, Teva Sandals, FossFibre, Sargent’s SARGuard, Waterpik.

The Paladin Capital Group, comprised of the Paladin Capital Partners Fund and the Paladin Homeland Security Fund, is a private equity firm with more than $300 million of capital that invests in emerging growth companies who are market leaders and in established companies with immediate solutions designed to prevent harmful attacks, defend against attacks, cope with the aftermath of attack or disaster and recover from terrorist attacks and other threats to homeland security.

“The 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.”

Carter Morse & Mathias is a regional investment banking firm, founded in 1987 and headquartered in Southport, Connecticut. It specializes in raising private capital from institutional investors, merger and acquisition advisory services, venture development services, and financial advisory services for emerging growth and middle-market companies in New England.

For more information, contact Gary Mathias, Managing Director, (203) 254-3333, x300