PROCESS DYNAMICS INC. GRADUATES FROM GENESIS TECHNOLOGY INCUBATOR

FAYETTEVILLE, Ark. - The GENESIS Technology Incubator will hold a news conference honoring the graduation of one of its clients into independent operation. A ceremony celebrating the achievements of Process Dynamics Inc. will be held at 2 p.m. Wednesday, Nov. 5, at the company’s new site, located at 2434 Deane Solomon Road.

Scheduled speakers for the event include:

• Director of the GENESIS Technology Incubator Bob Friedman
• Provost and Vice Chancellor for Academic Affairs Bob Smith
• Fayetteville Mayor Dan Coody
• Chairman of the GENESIS Advisory Board John Lewis
• Dean of the College of Engineering Ashok Saxena
• Dean of the Graduate School Collis Geren
• Dean of the College of Business Doyle Z. Williams
• Department Head of the Chemical Engineering Department Tom Spicer
• President of Process Dynamics Inc. Michael Ackerson

"The success of Process Dynamics is a good example of a win-win-win situation: a win for the company, a win for GENESIS and the University of Arkansas and a win for the people of Arkansas for the economic impact and the new opportunities generated by the company will have on Fayetteville and the state," Dean of Engineering Ashok Saxena said. "This is a success story that the College of Engineering and GENESIS would like to see repeated several times in the future. Congratulations to Mike and Bob for their collaborative work."

Process Dynamics Inc., which recently formed an alliance with Linde BOC Process Plants in Tulsa, Okla., was founded to capitalize on its breakthrough solvent dewaxing/deoiling technology. The company’s technology is more environmentally friendly than traditional methods for making lubricants and waxes and costs less for refiners to implement. Process Dynamics Inc. is best known for its hydroprocessing method that removes sulfur and nitrogen from most petroleum-based products. The technique, which has been hailed by many industry experts, is something Ackerson says happened almost by accident.

"Initially, we were trying to build a lab for the hydrotreatment of a completely different product," Ackerson said. "But as we continued developing the process, we began to understand other directions we could take. I don’t think we ever really understood the commercial significance of what we were doing until the EPA (Environmental Protection Agency) issued a new series of ultra-clean fuel specifications."

In April of this year, Process Dynamics Inc. demonstrated its hydrotreating technology on a commercial scale at Giant Industries, Gallup, New Mexico refinery. This refinery became the first in the country to produce ultra-low sulfur diesel from raw material.

In 2000, with half a dozen employees on staff, Process Dynamics Inc. outbid four major corporations, including Exxon-Mobil, Foster-Wheeler, UOP and Bechtel, to win a contract for solvent deoiling of wax at a refinery near Salt Lake City, Utah.

"Many of our competitors bid close to $60 million for the contract," Ackerson said. "Our bid was less than half of that, at $24 million. Although a corporate buyout prevented the project from being completed, I think it dawned on us where this process could lead."

Process Dynamics Inc. joined the GENESIS Incubator in 1995, giving Ackerson and his team access to the top research laboratories available while gaining expertise and strengthening their fledgling company. In addition to being the company’s president, Ackerson also serves as an associate professor of chemical engineering in the UA College of Engineering.

"Without the support and facilities provided to us by GENESIS, there is no way our company could have grown into what we are today," Ackerson said. "I am grateful to both the GENESIS team and the University of Arkansas for allowing us the time to grow and mature into what we have become."

"We could not be more proud of Mike and his team’s accomplishments and eagerly look forward to what the future holds for them," Friedman said, "What’s more, this innovative company is remaining here in Arkansas, and I believe, will contribute to improving the economy through its continued research and discovery."