For Immediate Release

Date: October 1, 2008
From: PEL Associates
Tel/Fax: (860) 448-6522

PEL Associates Recognized as
“Company to Watch”
by the Connecticut Technology Council

PEL Associates was recognized as a technology “Company to Watch” for 2008 at the second annual Innovation Pipeline Awards and Technology Showcase at the Dolce Innovation Center. The Connecticut Technology Council (CTC), the state’s industry association for the technology sector, annually recognizes small companies at this event with an innovative product and a business model that demonstrates potential for future success.

PEL Associates won in the category energy/environmental technology contribution of the year; in particular for PEL’s new “Smart Coating Systems” technology and its unique application to antifouling of ship hulls on command, a two billion dollar market. With this new method: ships will save fuel, keep our environment cleaner, no longer require antifouling paint which contain unfriendly heavy metals, will decrease the introduction of dangerous species to our waters, and ships will be easier to handle and maneuver.

Matthew Nemerson, the CTC president and CEO, noted “we look at hundreds of new ideas and start-ups every year and the companies recognized here are the ones we feel are not only the most exciting but have a real chance to become fast growing new firms”.

Awards are the result of a nomination and judging process from corporations such as Pitney Bowes, GE, UTC, Open Solutions and selected law firms. Dr. Mort Wallach President of PEL Associates said, “It is a great honor to be recognized for the hard work and success we have achieved. This will energize our staff and potentially stimulate VC investor interest”.

Morton L. Wallach, President