H2O Innovation Ranked 23rd Fastest Growing Technology Company in Canada in the Deloitte Technology Fast 50™ and Receives Coveted "Technology Green 15™" Award

QUEBEC CITY, Sept. 23, 2010 /CNW Telbec/ - H2O Innovation Inc. ("H2O Innovation" or the "Company") (TSX VENTURE:HEO)(ALTERNEXT:MNEMO:ALHEO) has been twice recognized in the Deloitte Technology Fast 50™ program. H2O Innovation ranks 23rd among the Deloitte Technology Fast 50™, recognizing the 50 fastest growing technology companies in Canada, based on the percentage of revenue growth over five years, and, for the second year in a row, wins the Deloitte Technology Green 15™ Award, honouring companies that are leading the way to create major breakthroughs in the field of green technology.

"We are very proud to rank among Canada's growth leaders in the Deloitte Technology Fast 50™, besides winning the Deloitte Technology Green 15™ Award for the second time. These awards are a noteworthy acknowledgement of our long-term growth, and therefore highlight the importance of developing and following a strategic growth plan, putting into action a business model strong enough to resist economic jolts but also flexible enough to seize unexpected opportunities. In addition, these distinctions value the continuing progress of H2O Innovation since its foundation ten years ago as a manufacturer of water treatment systems using clean and groundbreaking technologies - which confirms our leadership in the water treatment industry in Northern America", stated Frédéric Dugré, President and CEO of H2O Innovation.

To qualify for the Deloitte Technology Fast 50™ ranking, companies must have been in business for at least five years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, and conduct research and development activities in Canada. A panel of industry experts evaluate and judge companies based on four key criteria: competitive advantage; size, growth, and market attractiveness; management effectiveness and organization; and financial performance.

"The Deloitte Technology Green 15™ Award recognizes those Canadian companies that offer solutions to global environmental challenges by creating intellectual property and technology that reduce society's environmental impact," said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. "Companies such as H2O Innovation are creating technology solutions that have a significant environmental impact and demonstrate a compelling return on investment, despite facing tough economic times. In doing so, they are helping position Canada as a global leader in the development of commercially-viable green technology."

To qualify for the Technology Green 15™ Award, candidates must be headquartered in Canada and devote a significant portion of their operating revenues to creating proprietary technology and/or intellectual property.

About the Deloitte Technology Fast 50™ - The Deloitte Technology Fast 50™ program is Canada's pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Technology Fast 50™ Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50™ candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications and emerging technologies) and the Deloitte Technology Green 15™ Awards (Canada's leading GreenTech companies that promote a more efficient use and re-use of the earth's resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, TMX Group, Wellington Financial, HKMB Hub International, National Angel Capital Organization, CVCA, MaRS and IGLOO Software. For further information, visit www.fast50.ca.

About the Deloitte Technology Green 15™ - The Technology Green 15™ recognizes Canada's leading GreenTech companies. GreenTech, the industry term for "green technologies", is taking on greater importance in the world in general, and the world of business in particular. It includes any technology that promotes a more efficient use and re-use of the earth's resources in industrial production and consumption. GreenTech products and services are designed to reduce or eliminate environmental impacts and improve operational performance, productivity, or efficiency while reducing costs, inputs, energy consumption, waste, or pollution. Although many companies within GreenTech industry sectors are very different, they share a common trait: all use new, innovative technology to create products and services that compete with existing products and services on price and performance while reducing impact on the environment.

About H2O Innovation 

Building on 10 years of experience, H2O Innovation designs, manufactures, 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 based in 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, 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
1-418-928-0234
guillaume.ducharme@h2oinnovation.com
www.h2oinnovation.com

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H2O INNOVATION INC.

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