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Return to Investor Relations Home Page 2009 - Company enters into an exclusive sale representative agreement for the country of Nigeria and adjacent waters, effectively opening a new market for the puraDYN® systems in the oil and gas drilling services industry. A major oil drilling company, operating land drilling and offshore rigs in over 30 countries, has begun to outfit its drilling platforms with the puraDYN® systems.
2008 - Puradyn received a contract from the U.S. Army to supply 70 puraDYN® systems to outfit the JERRV, part of MRAP (Mine Resistant Ambush Protected) vehicle family. Avis-Budget Group will be installing the puraDYN® system as standard equipment on its fleet of 300+ heavy duty buses. Avis is the first in the car rental industry to use bypass oil filtration. John Deere Forestry Division is factory-installing puraDYN® systems in Joensuu, Finland on equipment to be utilized in Russia and other countries where high sulfur fuel is used. Received initial and repeat orders from the Foreign Military Sales program, the government method for selling U.S. defense equipment, services, and training, to supply the puraDYN® systems for the line haul fleet.
2007 - Hare Express, Inc., a just-in-time delivery service to the automotive industry, announced that it exceeded 100 million miles without an engine oil change using the puraDYN® system. Hare Express operates a fleet of 150 over-the-road trucks and 230 tractor trailers. Arbel Trading Company, Puradyn's Colombian distributor, received a purchase order for the puraDYN® system from a major Colombian bus company. Arbel plans to expand beyond engine oil filtration to include transmission oil filtration with other bus companies in Colombia. The puraDYN® system has been announced as standard on all Cusco piston pump vacuum trucks. Cusco is a division of Wastequip, Inc. and manufactures vacuum truck equipment fo industrial, commercial and environmental applications. A major oil field supply company has given approval to retrofit its 600+ fleet over the next several month. Puradyn receives approval for inclusion in Cascade Sierra Solutions (CSS) outreach centers. CSS is a non-profit agency that is comprised of public and private partners working with the trucking industry's existing diesel engine 'legacy fleet' (prior to 2007) to provide emissions and fuel-reduction technologies.
Wastequip, Inc., leading U.S. manufacturer of waste handling, recycling and material handling equipment named as exclusive distributor in the waste industry. National Stocking Number (NSN) assigned to a specific puraDYN® system kit to be installed on the U.S. Army’s Mine Protection Vehicle family.
2006 - puraDYN® system used by US Department of Energy for 3-year Energy Cost-Saving Study (2002-2005.) Final results show 89% reduction in oil purchase and usage. U.S. Military orders Freightliner trucks used for foreign military sales to be installed with puraDYN® systems. Richard C. Ford resigns from Company as Chief Executive Officer but will retain seat on the Board of Directors as Vice-Chairman. The Board unanimously appoints Chairman Joseph V. Vittoria as CEO as well as Chairman of the Board. puraDYN system is approved for retrofit major international energy resource company. First orders shipped in August for retrofit of equipment used at coal mine facilities in Southwestern U.S. U.S. DOE final test results show 89% Oil Savings using bypass filtration technology on heavy duty diesels. Three-year study based on engine oil consumption for heavy-duty diesel engines and sports utility vehicles. 2006 1st Qtr financial results show 38% growth over same period in 2005. The puraDYN system exceeds expectations in a joint test conducted with Shell Oil Company. The test demonstrated the need for fine filtration as a deterrent to premature engine wear in engines equipped with the latest emission standard devices. The Company announced the U.S. Military would be ordering the puraDYN system for trucks that Freightliner LLC is supplying for foreign military sales. Private truck carrier goes 1.5 million miles without an engine overhaul using the puraDYN system. Miami-Dade GSA informs Puradyn that its 200-piece garbage fleet has gone three years without an oil change, saving 90% in oil purchases and related maintenance costs.
2005 - puraDYN system now being installed by one of the top ten suppliers of construction aggregates the U.S. Forrest D. Hayes joins the Board of Directors in November as a new member and Audit Committee Chairman. Mr. Hayes previously served as VP and CFP of Wastequip, Inc. (See Officers & Directors for a full bio on Mr. Hayes) Company begins trading on the OTC Bulletin Board in August. Dr. Charles W. Walton and Lt. General (Ret) John S. Caldwell appointed to the Board of Directors in August. Dr. Walton is Chairman of Wastequip, Inc., which he founded in 1989. General Caldwell served as the Army's top ranking officer for Acquisition, Logistics and Technology when he retired in January 2004. (For a more complete bio on Dr. Walton and General Caldwell, see Officers & Directors.) SEC approves Puradyn's voluntary delisting from the American Stock Exchange in August after the Company files notice (June.) Several factors were cited in making the decision to delist, including the cost of maintaining the listing of the Company's common stock on the Exchange, the cost of compliance with the requirements relative to the Sarbanes-Oxley Act and the demand of attention and time from Company management and personnel that could be dedicated to developing business and pursuing strategic opportunities. The Company raises $1.14 million in a private placement for the purchase of 3,600,665 shares of common stock and warrants to purchase 400,000 shares. Additionally, in June, six members of Puradyn's management team agreed to participate in a voluntary salary deferral program until such time as the Company reaches a cash flow positive position. General Services Administration awards Puradyn a new five-year contract on the Vehicular Multiple Award Schedule, New Technologies, which will enable it to offer bypass oil filtration systems to all levels of state, local and Federal government. 2004 net sales for the year increase approximately 30% over 2003 FYE. Cindy Lea Gimler joins Puradyn as new Chief Financial Officer, replacing Lisa De La Pointe.
2004 - Preliminary test results to date from the US Department of Energy show that there is an estimated 80% savings in oil by using bypass oil filtration. Hydraulic Sales and Service, a Miami-based distributor of puraDYN products, was awarded a one-year, blanket open purchase order allowing up to $650,000 for the purchase, installation and service of puraDYN systems by Miami-Dade County. puraDYN Limited, wholly-owned subsidiary located in the United Kingdom, has begun delivering the puraDYN systems to one of the largest generator set rental companies in Europe. Following the successful conclusion of an extensive testing program, engine oil change service intervals were increased four times longer than standard service intervals. Second fiscal quarter ended June 30, 2004, showed net sales increased 37% over the same time period in 2003 and 2% for year-to-date 2004 over the comparable periods in 2003. Miami-Dade County, Florida, has approved the purchase of 75 automated garbage trucks outfitted with puraDYN systems to add to its existing fleet of 2000 puraDYN-equipped pieces of equipment. puraDYN product is introduced in Egypt through a new distributor, Utica Egypt. Working through the US Agency for International Development (USAID), Utica Egypt will be marketing not only to private fleets but also Egyptian governmental agencies. The Company also expands international distributorships in the Asian-Pacific Rim, with distributors in Thailand, Malaysia and Singapore. The Company has also entered into an agreement with Tradewinds Power Corporation, a John Deere engine and Perkins engine distributor based in Miami, Florida. U.S. General Services Administration renewed puraDYN's contract for another 5-year period. puraDYN was designated as achieving the design and service standard for quality, ISO 9001:2000 The Company hits a new record with over 80 evaluations worldwide.
2003 - One of the largest manufacturers of medium-sized power generators in the world has elected to install the puraDYN system as standard on their worldwide production of generators. In August 2003, the puraDYN® System is "re-certified as a Pollution Prevention technology when operated according to puraDYN's standards and specifications." The certificate goes on to say, "The puraDYN® System was originally certified in 1994 and 1998. The puraDYN® System has been shown to be an effective means of extending engine oil change intervals without adversely affecting engine wear or performance. The Bypass Oil Filtration System filters a portion of the total oil flow, removing particulate matter, water, coolant, and fuel. Extended drain intervals reduce the use of new oil, generation of used oil, and potential of spills while draining and handling used oil." puraDYN announces that it has received worldwide patent coverage on a new technology combining the full-flow filter and the bypass filter. This single unit can be mounted directly to the engine for an all-in-one oil filtration system. At the 2003 Annual Meeting, Chairman Joseph V. Vittoria announced that all seven members of the Board of Directors were reelected to another one-year term. puraDYN has been approved as a 'Strategic Supplier' for one of the largest equipment rental companies in North America. The program will first encompass retrofitting existing delivery vehicles while specifying the puraDYN® system on new vehicles. Although the strategy has been fully supported at the Corporate level, the Company recognized the program will take time to gain momentum. Regional Manager Southwest, Wayne Clifton, has been promoted to Director of Sales and Marketing. puraDYN announces a 24% increase in 1st Qtr Sales over 1st Qtr 2002 sales. In April, the Company announced a 45% revenue growth for year end 2002 over year end 2001. Honeywell and puraDYN are now shipping orders as a result of a joint agreement signed in 2002. The two companies have begun co-branding the popular puraDYN® oil filtration products. In February, the Company announced that order backlogs and shipments in 2003 to date are in excess of $750,000.
2002 - puraDYN announces a strategic alliance with Honeywell Consumer Products Group (CPG), producer of FRAM® filters, America’s #1 oil filter brand. Through a multi-year supply agreement, the puraDYN® system will be co-branded with the FRAM Fleet Care® trademark name and distributed through Honeywell CPG’s distribution network. Net sales for the nine months ended September 30, 2002 increased 55% over the comparable period in 2001. International distribution has transitioned to now account for 40% of consolidated sales revenue. Company moves to new corporate facilities, expanding operations from approximately 14,000 sq ft to 25,000 sq ft; 5,000 sq ft for Administration, and 20,000 sq ft (versus former 10,000 sq ft) for Manufacturing. The Company enters into an aftermarket distribution agreement with PACCAR, a worldwide technology leader in the design, manufacture and customer support of high-quality trucks. This will make the puraDYN® available to approximately 500 participating Kenworth and Peterbilt dealers. Initial steps taken to prepare Company for new industry quality standard certification, TS16-949. Domestic and International distribution networks expand over 13-fold since 2001. Management team additions include Jim Gaynor as Director of Manufacturing and Operations. puraDYN enters into its first OEM contract with a large generator set company (name withheld upon request). puraDYN announces a significantly improved second quarter and first-half 2002 sales results. Sales to Asplundh Tree Expert Company alone increased 107% during the second quarter 2002. The Company enters into an aftermarket program with North American Bus Industries (NABI) Parts Distribution Centers. Efficiency and technology of newly designed product are validated by a leading industry laboratory, Southwest Research Institute in San Antonio,TX.
2001 - The Company is listed on the American Stock Exchange in December 2001 under the symbol PFT (AMEX:PFT). Management team additions include CFO Lisa De La Pointe. Additional US Patent is applied for, incorporating CGP®, a process for chemical grafting that improves the filter’s attraction and retention of contaminants to enhance filtration. A large rental company (name withheld upon request) has notified all of its divisions that puraDYN is a ‘Recommended Supplier' Mack Trucks selects puraDYN® systems as part of their aftermarket program. Volvo
Trucks North America agrees to install puraDYN® systems
as part of their aftermarket program in the United States. Next generation of the puraDYN® system launched. Design flaws slow production and impact sales. Lubricants World Magazine awards puraDYN its annual award for 'New Technology – Equipment' category.
2000
– Asplundh Tree Expert Company selects the puraDYN®
system to install on all of its new equipment – trucks, chippers
and hydraulic lifts. This represents several thousand pieces of equipment
(and to date, we've installed over 3,600 units).
• US Patent Number 6,139,725 / Granted October 31, 2000 Over $11 million in private investment funds are raised through the completion of two secondary offerings. Management team continues to grow with the addition of new President/COO, Kevin G. Kroger.
1999 - Joseph V. Vittoria, formerly Chairman/CEO of Avis International, Inc. joins the Board of Directors as Chairman. puraDYN® initiates Private Offering Memorandum in December 1999.
1998 – TF Purifiner, Inc. adopts name change to become puraDYN Filter Technologies, Inc. (OTC:PFTI). This final name change followed a lawsuit questioning the use of 'Purifiner' as a trade name; however, the end result was that puraDYN was awarded all manufacturing and marketing rights. Richard
C. Ford returns to the Company as a Director and CEO. The Company
is streamlined and a new management team, including Alan Sandler, Vice-President,
is hired. puraDYN Filter Technologies is selected as one of ten finalists for the Discover Magazine Award for “Innovative Technology” for its Filter-Plus elements with time-released additives. Cal/EPA
Department of Toxic Substances Control re-certifies the puraDYN®
system (formerly Purifiner®). The system still remains the only
bypass oil filtration system that has received endorsement from Cal/EPA
as a “Pollution Prevention Technology” for dramatically reducing
waste oil. • US Patent Number 5,718,258 / Granted February 17, 1998
1997 – A new Patent is awarded to Company for new filter design, the Filter Plus, developed by Byron Lefebvre. Sleeve patents are awarded for new generation of Purifiner® systems, also developed by Lefebvre as well as a new flow meter developed by Robert Meyer, Plant Manager. This flow meter is designed to assure the user that the Purifiner’s oil flow is operating properly. This proprietary technology is protected with the following three patents (all three patents covered with global coverage): • US Patent Number 5,639,965 / Granted June 17, 1997 • US Patent Number 5,630,912 / Granted May 20, 1997 • US Patent Number 5,591,330 / Granted January 7, 1997
Founder and President/CEO Richard C. Ford retires from the company. Quantum Industrial Partners (Robert Soros) invests in the Company and concurrently a new management team is put in place to focus on repositioning the company to become the global leader in the extended oil drain filtration industry.
1996 – TF Purifiner, Inc. becomes a public company (OTC) with continued growth and market outreach. The Florida Governor’s Award for New Technology is presented to the Company. After thorough testing, the US Army Tank and Truck Division (TACOM) concluded that the contaminated oil was cleaner than new oil and had less water in after being recycled through our batch system and certified its use. As a result, the Purifiner® is now an authorized product in the General Services Administration (GSA) catalog.
1995 – The Florida Association for Pupil Transportation reported “... the Oil Filtration System met or exceeded all claims presented by your company.” (To date, over 1500 school buses in the State of Florida have been fitted with puraDYN® systems.) The Company enters into a joint venture agreement with Centrax Limited in the UK, forming TF Purifiner, Ltd.
1994 – The California Environmental Protection Agency (Cal/EPA) certifies the Purifiner® system as a 'Pollution Prevention technology. The certification reads, in part, 'The Electric Mobile Oil Refiner is hereby certified by the California Department of Toxic Substances Control (Department) as a Pollution Prevention technology when installed, operated, monitored, and maintained according to TF Purifiner's standards and specifications. This pollution prevention certification is specific to engine oil usage and used oil generation (no life-cycle analysis was performed). The Electric Mobile Oil Refiner has been shown to be an effective means of extending engine oil change intervals by aiding in the removal of particulates, water, coolant, and dissolved fuel. Extended drain intervals reduce: 2) use of new oil, 2) generation of used oil, 3) potential of spills while draining and transporting used oil, and 4) maintenance time and expense to operate and manage engine oil changing facilities.' The system is the only bypass oil filtration system that has received endorsement from Cal/EPA for dramatically reducing waste oil.
1988 - The Company is incorporated under the name TF Purifiner, Inc.
Return to Investor Relations Home Page Corporate Home Page puraDYN Profile Company Fact Sheet / New Releases / Calendar of Events Letter to Stockholders / Stock Quote/Filings / Officers and Directors IR Information Request / IR Contact Information
This page last updated: 11/03/09
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