SAN DIEGO, CA. – July 25, 2007 – The Penta Water Company, maker of Penta Ultra-Purified Water, announced today that Plainfield Asset Management LLC, through a fund managed by Plainfield, has come on board as a significant investor. Based in Greenwich, Conn., Plainfield has more than $3 billion of assets under management, including a fund that provides equity and debt financing to emerging growth companies.
Penta is a leading brand in the natural foods channel with customers like Whole Foods and Wild Oats markets and is in the process of expanding its distribution base to make the brand more widely available. Penta Ultra Purified Water is the world’s purest-known bottled water. Penta is unique compared to other bottled waters because it is made using a 13-step purification process. One of these steps is a patented physics process that further purifies the water and helps the body absorb it more quickly, resulting in faster hydration. By hydrating the body faster, Penta water helps its drinkers feel and be their best.
The specific amount of Plainfield’s investment in Penta Water Company has not been disclosed and is in addition to the equity investment made late last year by David Perez, a San Diego-based entrepreneur.
In connection with the investment, F. Peter Cuneo, Senior Advisor to Plainfield, will join the Penta Water Company board of directors. Mr. Cuneo currently is Vice-Chairman and former President/CEO of Marvel Entertainment, best known for the highly successful translation of the Spiderman character from the comic book to the big screen. Prior to leading Marvel Entertainment, Mr. Cuneo was CEO of Remington Products Inc. He began his career in marketing and general management roles with Bristol-Myers Squibb.
Gregg Bresner, Managing Director with Plainfield, remarked: “Given the overall trends toward healthful products and the patented proprietary process that supports Penta’s unique product attributes, we believe the Penta brand has terrific growth potential.” Plainfield is very excited about being a part of building a successful and profitable branded water business.”
Said Penta CEO Dennis O’Brien, “Our vision for Penta is to build a high-margin, premium-priced, branded business that is distinguished by the loyalty of its drinkers and the positive difference the product can have on their health and well-being. The Plainfield team brings access to the additional capital we need to fund growth, while Peter Cuneo brings a wealth of operating experience that will help us accelerate our growth and operating results.”
About Penta Water Company
Penta ultra-purified premium drinking water is possibly the world’s purest drinking water. Penta Water undergoes a rigorous 13-step, 11-hour purification and patented physics process which not only purifies the water, but also enhances its absorption characteristics. Penta is produced by The Penta Water Company in a state-of-the-art bottling facility in Carlsbad, California.
About Plainfield Asset Management LLC
Based in Greenwich, Conn., Plainfield Asset Management is an investment advisor registered with the Securities and Exchange Commission. Plainfield manages in excess of $3 billion of investment capital for institutions and high net worth individuals based in the United States and abroad. The firm was founded in February 2005 by Max Holmes and the Plainfield Special Situations Master Fund was launched in May 2005.