Ionics Announces Closing of Financing for Trinidad Desalination Plant Which Will be the Largest in the Western Hemisphere

Updated 3:13 PM ET October 26, 2000

WATERTOWN, Mass., Oct. 26 /PRNewswire/ -- Ionics, Incorporated  announced today that bridge financing arrangements had been completed for the construction of a 28.8 million gallon per day desalination plant in Trinidad which will be the largest in the Western Hemisphere.

The plant will desalt seawater to provide water to the Water and Sewerage Authority of Trinidad and Tobago for industrial use at the Point Lisas Industrial Park. This will free-up water for much needed municipal use.

The bridge financing has been arranged through Republic Finance and Merchant Bank Limited of Trinidad to fund the project company, Desalination Company of Trinidad and Tobago (Desalcott). Ionics owns a 40% equity interest in Desalcott.

Commenting on the financing, Arthur L. Goldstein, Chairman and Executive Officer of Ionics, stated "As a pioneer and leader for 50 years in the field of desalination, we are especially proud to move forward with the construction of this most important water project and to be involved in providing improved availability of good, fresh water for the people of Trinidad."

Ionics is a global separations technology company involved in the manufacture and sale of membranes, equipment and own and operate services for the purification, disinfection, concentration, treatment and analysis of water, wastewater and ultrapure water. Over a period of more than 50 years Ionics has built more desalination plants than any company in the world. Ionics has been a pioneer in purified water with its worldwide five-gallon brand, Aqua Cool(R) Pure Bottled Water.

Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this news release involve risk and uncertainty. The statements contained in this release which are not historical facts are forward-looking statements. Important factors, including overall economic conditions, demand for Company products, raw material availability, availability of manufacturing capacity, technological and product development risks, competitors' actions, and other factors described in the Company's filings with the Securities and Exchange Commission could cause actual results to differ materially.

Contact: Francine S. Bernitz, Vice President Marketing and Corporate Communications, 617-926-2510 ext. 312,; or Theodore G. Papastavros, Vice President Strategic Planning, 617-926-2510 ext. 221, both of Ionics, Incorporated