H2O Innovation: Modification of the Repayment Terms of a Debenture

QUEBEC CITY, July 30, 2010 /CNW Telbec/ - H2O Innovation Inc. ("H2O Innovation" or the "Company") (TSX VENTURE:HEO) (ALTERNEXT:MNEMO:ALHEO), a complete water treatment solutions company providing custom designed systems along with specialty chemicals for membrane filtration systems, announces it has renegotiated the capital repayment terms of its convertible and unsecured debenture issued on July 10, 2008, and announced by press release on the same day, in favour of a lender dealing at arm's length with the Company.

The debenture repayment terms, which initially stipulated one $1.5 M instalment payable on July 10, 2011, have been modified as follows: six $250,000 instalments payable every three months from July 10, 2011 to October 10, 2012. The applicable annual interest rate of 10% was increased by 1% to reach 11% as from July 10, 2010. The interest payment terms remain unchanged; the interests are payable by means of semi-annual instalments in July and January of each year. The conversion price of the debenture capital amount into common shares also remains unchanged; set at $1.045 since July 10, 2010, it will remain as such until the new maturity date of the debenture, i.e. October 10, 2012. The Company will also be entitled to make anticipated repayments of all or part of the debenture capital amount at all times, without any penalty. These modifications are subject to the approval of TSX Venture Exchange Inc.

About H2O Innovation 

With 10 years of experience developing water treatment solutions, H2O Innovation is establishing itself as a key player in sustainable development and clean technologies in North America and abroad. H2O Innovation designs, develops, produces, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water, the reclamation of water, the treatment of wastewater and industrial process water in the municipal, commercial, industrial, oil & gas, mining, and energy markets. Additionally, the Company offers complete operating and maintenance solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 90 employees and eight offices including three manufacturing plants in Canada and the United States and is a founding partner of H2O Innovation India, a joint venture with Chembond Chemicals Ltd. of Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) as well as on the NYSE Euronext Alternext Exchange (MNEMO:ALHEO). For more information about H2O Innovation, visit www.h2oinnovation.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Alternext Exchange accepts responsibility for the adequacy or accuracy of this release.

SOURCE H2O INNOVATION INC.

For further information:


H2O Innovation Inc.
Guillaume Ducharme
418-928-0234
guillaume.ducharme@h2oinnovation.com
www.h2oinnovation.com

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H2O INNOVATION INC.

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