bbb DPDW here are some links to some dd on Flotation Tech. it looks like it will be an excellent acquisition for DPDW.
DPDW Board, Week ending 4-19-08 News & Views
News
Deep Down to Acquire Flotation Technologies
PR Newswire "US Press Releases "
HOUSTON, April 17 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has executed a Stock Purchase Agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc.
Headquartered in Biddeford, Maine, Flotation Technologies is a recognized leader in the design and manufacture of deepwater buoyancy systems, specializing in Flotec(TM) syntactic foam and polyurethane elastomer products. With extensive engineering, design, fabrication, and analysis capabilities, Flotation Technologies provides quick turnaround, cost-effective buoyancy and elastomer products to the worldwide oceanographic, offshore energy, seismic, and military markets. Within the past few years, Flotation Technologies has received its approved vendor status for the supply of engineered products such as distributed buoyancy, installation buoyancy and bend limiting products from numerous customers including Aker Kvaerner, Cooper Cameron, Chevron, Devon Energy, Exxon Mobil, Oceaneering Multiflex, Petrobras, Shell, Statoil, Technip, and Wellstream International. More information can be obtained at http://www.flotec.com.
Unaudited financial information provided by the management of Flotation Technologies indicates that revenue for the latest twelve months ending March 31, 2008, was approximately $17.27 million, with pretax income of $4.84 million, and EBITDA of $5.26 million, adjusted for certain nonrecurring expenses and a gain on sale of real estate assets. Financial results of operations for the years ended December 31, 2007 and 2006, will be presented when audits are finalized.
"The total purchase price for the acquisition is expected to be approximately $23.3 million. Flotation Technologies' revenue for the year ended December 31, 2007, was approximately double the revenue realized in the prior year. According to Quest Subsea Forecast (October 2007), capital expenditures in the offshore energy industry are expected to experience significant growth for the next several years. Our strategy is to participate in that growth. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra deep waters. This acquisition will give Deep Down a major product line, position the Company to become a leader in flotation systems, and increase our presence in deepwater operations," commented Robert E. Chamberlain, Jr., Deep Down's chairman and chief acquisition officer.
Ronald E. Smith, Deep Down's president and chief executive officer commented, "We are very excited about this acquisition. Our strategy is to work closely with management to expand their existing business and explore new areas of opportunity. Our view of the future of subsea equipment involves structural integration of buoyancy into various components of the undersea distribution system. Due to our prominence in installation activities of subsea equipment throughout the world, our customers are increasingly asking us to supply the equipment and systems we install. Where appropriate, we intend to manufacture high-demand technology-advantaged products in high-growth markets. Our strategy is to become a major player in many facets of the offshore deepwater industry."
Deep Down's closing of the purchase of Flotation Technologies remains subject to several conditions, including Deep Down's obtaining financing for the payment of the purchase price.
#msg-28580813
replies http://investorshub.advfn.com/boards/replies.asp?msg=28580813
"Our strategy is to become a major player in many facets of the offshore deepwater industry." - R. Chamberlain, April 17, 2008 #msg-28581109
Flotation Technologies to Be Acquired By Deep Down
BIDDEFORD, Maine - April 18, 2008 - Flotation Technologies, Inc., a world leader in the engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, today announced that it will be acquired by Houston-based Deep Down, Inc., (OTC Bulletin Board: DPDW).
"As the increase in demand in the offshore oil industry increases, partnering with another company seemed only natural," stated Tim Cook, president, Flotation Technologies. "In 2007, the company saw record growth. Not only did we double our revenue, but the company relocated to a plant, twice the size of the previous one, doubling our staff and tripling capacity, primarily as a response to the unprecedented demand in the offshore oil industry."
"Flotation Technologies will work synergistically with the team at Deep Down," explained David Capotosto, executive vice president, Flotation Technologies. "The merger is aimed at increasing the market share in the offshore and oceanographic industries and acquiring new customers. Each company's product offerings are a complement to the other and will help grow market segments and meet customer needs. Strategically the acquisition makes sense; the company will have a broader global footprint."
"Part of this positive growth is to continue to provide enhanced service to existing oceanographic and offshore customers alike," Capotosto continued. "This opportunity will enable Flotation Technologies to grow its presence in the design and manufacture of deepwater buoyancy systems and continue to provide world-class products and services."
Un-audited financial information provided by Flotation Technologies indicates that revenue for the last 12 months, ending March 31, 2008, was approximately $17.27 million, with a pretax of $4.84 million and EBITDA of $5.26 million, adjusted for certain nonrecurring expenses and a gain on sale of real estate assets. Financial results of operations for the years ended December 31, 2007 and 2006 will be presented when audits are finalized. The total price for the acquisition is expected to be approximately $23.3 million. Deep Down's closing of the purchase of Flotation Technologies remains subject to several conditions including Deep Down's obtaining financing for the payment of the purchase.
#msg-28625709 #msg-28625904
http://www.flotec.com/news-deepdown.html
E-mails from IR
#msg-28607573 just got off the phone with robert chamberlain
charts
#msg-28598458 Vid chart
#msg-28590241
#msg-28592281
Some DD posts
Q. When is Q1 filing due out?
A. Estimate is between the first and second week of May. #msg-28556413
#msg-28456065
#msg-28461290
#msg-28484227
#msg-28492256
#msg-28507469 Perry ROV tooling alliance
#msg-28574248 MakoTech & Seaeye
#msg-28556594 ==> ?checking for updates?
#msg-28591733
#msg-28596187
#msg-28629697
==> Flotation Technology DD
#msg-28580904
#msg-28581019 #msg-28594303 manu. rep.
#msg-28581180 ISO 9001 cert
#msg-28581212 TUV cert
#msg-28581235 PBR
#msg-28581457 alliance partners
#msg-28581630
#msg-28582008 approved vendor status
#msg-28583458
#msg-28584261
#msg-28586019
#msg-28586482 CoreTec
#msg-28596041
#msg-28586990 Game-changer Revs
#msg-28587342
#msg-28588005 Fed vendor
#msg-28589685
#msg-28589925 list of links
#msg-28590394 Sen. Olympia Snowe [R-ME]
#msg-28591627 Arial photo
#msg-28592786
#msg-28593121
#msg-28593532
#msg-28593867
#msg-28594399 #msg-28594504
#msg-28594462 Flotec Employees: 80
#msg-28594731
#msg-28595964
#msg-28599414
#msg-28607909
#msg-28622716
#msg-28623636
#msg-28625531
#msg-28629909
#msg-28630079
#msg-28630472
#msg-28630794
#msg-28631011
#msg-28631585
#msg-28631725
DPDW's Company Website Camera System:
new log-in info:
http://cameras.deepdowninc.com/ts/app
User Name: DDI
Case-Sensitive Password: ddi6only
Screenshots from the DPDW cameras
#msg-28462312
#msg-28462337 HDU & power unit, incoming
#msg-28462337
#msg-28468227 chainjack
#msg-28495673 "
#msg-28503378 " close-up
#msg-28531908 "
#msg-28504234 " close-up
#msg-28511890 " courtyard pull
#msg-28483847
#msg-28504037
#msg-28514602
#msg-28542920 SAM & wing
#msg-28547324
#msg-28582297 screenshots of FT Crate Oct.
#msg-28588226
#msg-28589849 outgoing load
#msg-28606676
#msg-28612442
#msg-28617831 East Yard in DPDW HDTV (NEW!)
h
"We have been involved in almost every Umbilical installation and Steel Flying Lead installation and development in the Gulf of Mexico" 10-k
Late Friday-
Previous week's highlights===> #msg-28435876
compiled by JoeSmith from various posts on The DPDW board
http://investorshub.advfn.com/boards/board.asp?board_id=7181
DPDW Board, Week ending 4-19-08 News & Views
News
Deep Down to Acquire Flotation Technologies
PR Newswire "US Press Releases "
HOUSTON, April 17 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has executed a Stock Purchase Agreement to purchase all of the outstanding capital stock of Flotation Technologies, Inc.
Headquartered in Biddeford, Maine, Flotation Technologies is a recognized leader in the design and manufacture of deepwater buoyancy systems, specializing in Flotec(TM) syntactic foam and polyurethane elastomer products. With extensive engineering, design, fabrication, and analysis capabilities, Flotation Technologies provides quick turnaround, cost-effective buoyancy and elastomer products to the worldwide oceanographic, offshore energy, seismic, and military markets. Within the past few years, Flotation Technologies has received its approved vendor status for the supply of engineered products such as distributed buoyancy, installation buoyancy and bend limiting products from numerous customers including Aker Kvaerner, Cooper Cameron, Chevron, Devon Energy, Exxon Mobil, Oceaneering Multiflex, Petrobras, Shell, Statoil, Technip, and Wellstream International. More information can be obtained at http://www.flotec.com.
Unaudited financial information provided by the management of Flotation Technologies indicates that revenue for the latest twelve months ending March 31, 2008, was approximately $17.27 million, with pretax income of $4.84 million, and EBITDA of $5.26 million, adjusted for certain nonrecurring expenses and a gain on sale of real estate assets. Financial results of operations for the years ended December 31, 2007 and 2006, will be presented when audits are finalized.
"The total purchase price for the acquisition is expected to be approximately $23.3 million. Flotation Technologies' revenue for the year ended December 31, 2007, was approximately double the revenue realized in the prior year. According to Quest Subsea Forecast (October 2007), capital expenditures in the offshore energy industry are expected to experience significant growth for the next several years. Our strategy is to participate in that growth. Buoyancy will become more important as the offshore energy industry continues its trend toward exploration and development activities in ultra deep waters. This acquisition will give Deep Down a major product line, position the Company to become a leader in flotation systems, and increase our presence in deepwater operations," commented Robert E. Chamberlain, Jr., Deep Down's chairman and chief acquisition officer.
Ronald E. Smith, Deep Down's president and chief executive officer commented, "We are very excited about this acquisition. Our strategy is to work closely with management to expand their existing business and explore new areas of opportunity. Our view of the future of subsea equipment involves structural integration of buoyancy into various components of the undersea distribution system. Due to our prominence in installation activities of subsea equipment throughout the world, our customers are increasingly asking us to supply the equipment and systems we install. Where appropriate, we intend to manufacture high-demand technology-advantaged products in high-growth markets. Our strategy is to become a major player in many facets of the offshore deepwater industry."
Deep Down's closing of the purchase of Flotation Technologies remains subject to several conditions, including Deep Down's obtaining financing for the payment of the purchase price.
#msg-28580813
replies http://investorshub.advfn.com/boards/replies.asp?msg=28580813
"Our strategy is to become a major player in many facets of the offshore deepwater industry." - R. Chamberlain, April 17, 2008 #msg-28581109
Flotation Technologies to Be Acquired By Deep Down
BIDDEFORD, Maine - April 18, 2008 - Flotation Technologies, Inc., a world leader in the engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, today announced that it will be acquired by Houston-based Deep Down, Inc., (OTC Bulletin Board: DPDW).
"As the increase in demand in the offshore oil industry increases, partnering with another company seemed only natural," stated Tim Cook, president, Flotation Technologies. "In 2007, the company saw record growth. Not only did we double our revenue, but the company relocated to a plant, twice the size of the previous one, doubling our staff and tripling capacity, primarily as a response to the unprecedented demand in the offshore oil industry."
"Flotation Technologies will work synergistically with the team at Deep Down," explained David Capotosto, executive vice president, Flotation Technologies. "The merger is aimed at increasing the market share in the offshore and oceanographic industries and acquiring new customers. Each company's product offerings are a complement to the other and will help grow market segments and meet customer needs. Strategically the acquisition makes sense; the company will have a broader global footprint."
"Part of this positive growth is to continue to provide enhanced service to existing oceanographic and offshore customers alike," Capotosto continued. "This opportunity will enable Flotation Technologies to grow its presence in the design and manufacture of deepwater buoyancy systems and continue to provide world-class products and services."
Un-audited financial information provided by Flotation Technologies indicates that revenue for the last 12 months, ending March 31, 2008, was approximately $17.27 million, with a pretax of $4.84 million and EBITDA of $5.26 million, adjusted for certain nonrecurring expenses and a gain on sale of real estate assets. Financial results of operations for the years ended December 31, 2007 and 2006 will be presented when audits are finalized. The total price for the acquisition is expected to be approximately $23.3 million. Deep Down's closing of the purchase of Flotation Technologies remains subject to several conditions including Deep Down's obtaining financing for the payment of the purchase.
#msg-28625709 #msg-28625904
http://www.flotec.com/news-deepdown.html
E-mails from IR
#msg-28607573 just got off the phone with robert chamberlain
charts
#msg-28598458 Vid chart
#msg-28590241
#msg-28592281
Some DD posts
Q. When is Q1 filing due out?
A. Estimate is between the first and second week of May. #msg-28556413
#msg-28456065
#msg-28461290
#msg-28484227
#msg-28492256
#msg-28507469 Perry ROV tooling alliance
#msg-28574248 MakoTech & Seaeye
#msg-28556594 ==> ?checking for updates?
#msg-28591733
#msg-28596187
#msg-28629697
==> Flotation Technology DD
#msg-28580904
#msg-28581019 #msg-28594303 manu. rep.
#msg-28581180 ISO 9001 cert
#msg-28581212 TUV cert
#msg-28581235 PBR
#msg-28581457 alliance partners
#msg-28581630
#msg-28582008 approved vendor status
#msg-28583458
#msg-28584261
#msg-28586019
#msg-28586482 CoreTec
#msg-28596041
#msg-28586990 Game-changer Revs
#msg-28587342
#msg-28588005 Fed vendor
#msg-28589685
#msg-28589925 list of links
#msg-28590394 Sen. Olympia Snowe [R-ME]
#msg-28591627 Arial photo
#msg-28592786
#msg-28593121
#msg-28593532
#msg-28593867
#msg-28594399 #msg-28594504
#msg-28594462 Flotec Employees: 80
#msg-28594731
#msg-28595964
#msg-28599414
#msg-28607909
#msg-28622716
#msg-28623636
#msg-28625531
#msg-28629909
#msg-28630079
#msg-28630472
#msg-28630794
#msg-28631011
#msg-28631585
#msg-28631725
DPDW's Company Website Camera System:
new log-in info:
http://cameras.deepdowninc.com/ts/app
User Name: DDI
Case-Sensitive Password: ddi6only
Screenshots from the DPDW cameras
#msg-28462312
#msg-28462337 HDU & power unit, incoming
#msg-28462337
#msg-28468227 chainjack
#msg-28495673 "
#msg-28503378 " close-up
#msg-28531908 "
#msg-28504234 " close-up
#msg-28511890 " courtyard pull
#msg-28483847
#msg-28504037
#msg-28514602
#msg-28542920 SAM & wing
#msg-28547324
#msg-28582297 screenshots of FT Crate Oct.
#msg-28588226
#msg-28589849 outgoing load
#msg-28606676
#msg-28612442
#msg-28617831 East Yard in DPDW HDTV (NEW!)
h
"We have been involved in almost every Umbilical installation and Steel Flying Lead installation and development in the Gulf of Mexico" 10-k
Late Friday-
Previous week's highlights===> #msg-28435876
compiled by JoeSmith from various posts on The DPDW board
http://investorshub.advfn.com/boards/board.asp?board_id=7181
My posts are my opinions. Always dd to your own comfort level.
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