BIDDEFORD, Maine — June 9, 2008 — Flotation Technologies, Inc., a world leader in the engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, today announced that it has been acquired by Houston-based Deep Down, Inc., (OTCBB: DPDW).
With the completion of this acquisition, Tim Cook, president and CEO of Flotation Technologies will step down and be succeeded by current executive vice president, David A. Capotosto.
Flotation Technologies will continue to serve its customers from its headquarters and manufacturing facility in Biddeford, Maine. The acquisition will allow Flotation Technologies to better serve existing customers, increase market share and broaden its existing customer base; thus, continuing the unprecedented growth rate of the last four years. Flotation Technologies’ commitment to growth, as well as the synergies between Flotation Technologies and its new parent, are evidenced by two recently announced $9 million orders from Delba International for the supply and installation of deepwater marine drilling riser flotation systems.
Effective immediately, David A. Capotosto has been appointed president of Flotation Technologies. Tim Cook, outgoing president and majority stockholder is retiring and will pursue personal goals. Capotosto brings nearly 25 years of experience in manufacturing to the position and has worked with Flotation Technologies since 2000. Capotosto has a solid knowledge of the company’s operations, management, quality, engineering and design, and has played a significant role in the company’s growth to date.
“I am extremely proud to have been part of the success that is Flotation Technologies and to have worked along side the people who make up this company,” stated Tim Cook, Flotation Technologies’ outgoing president and CEO. “I am confident that this acquisition will bring additional resources and opportunities to the company and believe David Capotosto is the right person to lead the company into this new chapter.”
“Today’s marketplace requires innovation and adaptation across all business platforms,” commented David Capotosto, Flotation Technologies’ president. “This acquisition not only adds efficiencies to our businesses, it creates new possibilities by the sharing of our expertise, processes, contacts and experiences.”
“David has proven experience leading and managing companies through exciting periods of growth,” explained Ronald E. Smith, Deep Down’s president and CEO. “We expect the transition to be seamless as David has worked with the company for more than eight years. Under his leadership we are confident that Flotation Technologies will expand its products, services, and customer base.”
About Flotation Technologies, Inc.
Flotation Technologies, Inc., based in Biddeford, Maine, is a world leader in the engineering, design and manufacturing of deepwater buoyancy systems using high-strength Flotec™ syntactic foams and polyurethane elastomers. Focused on the offshore oil, oceanographic, seismic and government markets, Flotation Technologies delivers world-class buoyancy products for a host of marine applications such as: distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc™ cable floats, Hardball™ umbilical floats, FLOTECT™ cable and pipeline protection, Inflex™ polymer bend restrictors and installation buoyancy of any size and depth rating. For more information, visit flotec.com.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project.
The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company's Mako subsidiary serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys. For more information, visit deepdowninc.com, electrowaveusa.com and makotechnologies.com.