Monday, September 15 2008 11:03 AM, EST
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Flotation Technologies Named The 27th Fastest Growing Manufacturing Company In The U.S.
Business Wire "US Press Releases "
BIDDEFORD, Maine--(BUSINESS WIRE)--
Flotation Technologies, Inc., a Deep Down Inc. company (OTCBB:
DPDW) and a world leader in the engineering, design and manufacturing
of deepwater buoyancy and polyurethane elastomer products, today
announced the company has been named the 27th fastest growing,
privately owned manufacturing company in the United States by Inc.
magazine. Overall, Flotation Technologies ranked No. 1,006 on the
prestigious Inc. 5000 list. These rankings recognize the substantial
growth the company has experienced over the past three years,
including the doubling of its revenue from 2006 to 2007.
"Being recognized by Inc. magazine for our growth is an honor
shared by the management and employees of Flotation Technologies and
speaks to our drive and the dedication to the customers and markets we
serve," stated David Capotosto, president, Flotation Technologies.
"This abiding commitment, fully supported by our new parent company,
Deep Down, has and will continue to fuel Flotation Technologies'
aggressive growth."
"The growth Flotation Technologies has experienced since 2004 is
unparalleled," stated Robert Chamberlain, Jr., chairman and director,
Deep Down, Inc. "It is this growth coupled with Flotation
Technologies' expertise in the engineering, design and manufacture of
subsea products that drew Deep Down to acquire the company in June of
2008. We are extremely proud of Flotation Technologies for receiving
this prominent recognition and look forward to the tremendous future
of the company."
The Inc. list is a comprehensive look at the most important
segment of the economy--America's independent-minded entrepreneurs.
Taken as a whole, these companies represent the backbone of the U.S.
economy. The 5,000 companies that made the list reported aggregate
revenue of $185 billion and median three-year growth of 147 percent.
More important, the 2008 Inc. 5000 companies were engines of job
growth, having created more than 826,033 jobs since these companies
were founded. The 2008 Inc. 5000 list measures revenue growth from
2004 through 2007. Flotation Technologies' revenue in 2004 was
$2,873,686 and $13,410,002 in 2007. To qualify, companies must be
U.S.-based and privately held, independent--not subsidiaries or
divisions of other companies--as of December 31, 2007, and have had at
least $200,000 in revenue in 2004, and $2 million in 2007.
About Inc.com
Inc.com, the daily resource for entrepreneurs, delivers how-to
guides, advice, tools, breaking news, and rich multi-media to help
business owners and CEOs start, run, and grow their businesses.
Inc.com offers dynamic marketing solutions to help advertisers
effectively reach Inc.com's audience of business leaders. Visit
inc.com.
Each year, Inc. magazine and Inc.com celebrate the remarkable
achievements of today's entrepreneurial superstars -- the privately
held small businesses that drive our economy. The Inc. 500pipeInc.
5000 Conference brings together members of the Inc. 5000
community--both a new class of Inc. 5000 honorees and the list's
alumni--for three days of powerful networking, inspired learning, and
momentous celebration. For the first time ever, this powerful
networking event is open to all. Please join us September 18-20, 2008
at the Gaylord National Resort and Convention Center in Washington,
D.C. For more information or to register, visit Inc5000Conference.com
or call 877-211-0489 .
About Flotation Technologies, Inc.
Flotation Technologies, Inc., based in Biddeford, Maine, and a
wholly-owned subsidiary of Deep Down Inc., (OTCBB: DPDW), is a world
leader in the engineering, design and manufacturing of deepwater
buoyancy systems using high-strength Flotec(TM) 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(TM) cable floats,
Hardball(TM) umbilical floats, FLOTECT(TM) cable and pipeline
protection, Inflex(TM) 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.
Forward Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding our strategy, future operations, future financial position,
future revenues, acquisitions, projected costs, prospects, plans and
objectives of management are forward-looking statements. We may not
actually achieve the plans, intentions or expectations disclosed in
our forward-looking statements and you should not place undue reliance
on our forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements we make. All of the
information provided in this release is as of September 15, 2008 and
Flotation Technologies, Inc. undertakes no duty to update the
information provided herein.
Source: Flotation Technologies, Inc.
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