Entrepreneur Daniel Ishag intends to raise £2 million for biological wastewater treatment hopeful Bluewater Bio International.

Based in the Cayman Islands, Bluewater boasts the HYBACS (Hybrid Bacillus Activated Sludge) process, which it claims is a 'groundbreaking' biological method of treating any organic waste water. The company argues HYBACS, which is already in operation in South Korea, China and Japan, removes 99 per cent of organic matter, much 'offensive odour' and more e-coli bacteria than other treatments with a 'reduced industrial footprint'.

Ishag, who founded e-Spotting Media in 2000 and saw it merge with Nasdaq-quoted FindWhat.com in an £85 million deal four years later, is chief executive officer of entrepreneurial Bluewater, whose board includes financier Bertrand Lipworth. The company's chairman is Adrian Collins, ex-director of Strand Partners, which is its nominated adviser, and Keith Bayley Rogers is broker.

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