Slater-Backed Company Receives Major Investment from Global Manufacturer

Providence, RI, May 30, 2008 – The Slater Technology Fund today announced that global filtration product provider CLARCOR has acquired a 30% share of one of its portfolio companies, Portsmouth, R.I.-based BioProcess Technologies, which develops and manufactures industrial waste water and water reuse filtration systems.

BioProcess (BPT) will use the investment to expand its manufacturing capacity, fund working capital, and develop new marketing and sales programs as the company builds its base in Rhode Island. As one of the company’s initial investors, the Slater Technology Fund provided BPT with $235,000 in seed funding in 2000 and 2002 and has worked to position it for success while increasing its growth within the Ocean State.

While specific terms of the investment were not disclosed, CLARCOR did indicate that it has the right to acquire additional ownership shares and eventually complete ownership of the company over several years at a price based on its operating income. Based in Franklin, Tennessee, CLARCOR manufactures mobile, industrial, and environmental filtration products and consumer and industrial packaging products sold all over the world. Publicly-traded on the New York Stock Exchange, CLARCOR recorded aggregate revenues of $921 million in its most recent fiscal year.

Founded in 2000, BPT has developed a pre-treatment method that uses microbes to clean waste water prior to its release into municipal water treatment systems, and has already sold its systems to major multi-national soft drink bottlers, food and ingredient manufacturers, agricultural concerns, and other organic waste water treatment applications. CLARCOR’s investment will allow for accelerated product development and increased volume as the company’s manufacturing operations within Rhode Island grow.

Norm Johnson, CLARCOR’s Chairman and CEO, said: “We are very excited at the opportunity to invest in BPT. It is no secret that water is becoming an ever more scarce resource and that environmental concerns regarding water quality are increasing around the world. Our investment in BPT better positions CLARCOR to play an important role in a growing world-wide market.”

Tim Burns, BPT’s President said: “These are exciting times for BPT. BPT is a rapidly growing, profitable company and CLARCOR’s capital and operational support will allow us to grow even faster. We have succeeded in selling our systems to large multi-national companies. With the additional resources from CLARCOR’s investment in BPT, we expect to be even more successful in the future.”

According to Richard G. Horan, senior managing director of the Slater Technology Fund, “It has been a terrific opportunity to have participated with BPT and its management team in building the exciting company which BPT is developing here in Rhode Island. With Clarcor’s strategic investment, BPT’s prospects of becoming a leading player in the field of water purification are greatly enhanced.”

About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new companies committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

About BioProcess Technologies
BioProcess Technologies is a privately-owned company based in Portsmouth, Rhode Island. Further information can be found at www.bioprocessh2o.com.

For More Information:

Laura Nelson or Kaycee Roberts
SVM Public Relations
401-490-9700
laura.nelson@svmpr.com
kaycee.roberts@svmpr.com