Koil Energy Solutions Inc. (KLNG)

[JoeSmith]

Flotation Technologies acquisition final
By Portland Press Herald Staff Report June 09, 2008 03:48 PM


Flotation Technologies Inc. of Biddeford announced today that its acquisition by Houston-based Deep Down Inc. has been completed.

The acquisition took the form of a stock deal worth an estimated $23.3 million.

Flotation Tech President and Chief Executive Officer Tim Cook will step down and be succeeded by David Capotosto, current executive vice president.

According to a release from Flotation Tech, the company will continue to serve its customers from its headquarters and manufacturing facility in Biddeford. The company designs and makes deep-water buoyancy systems for the offshore oil, oceanographic, seismic and government markets.

Capotosto, who has worked for the company since 2000, has been appointed president of Flotation Technologies. Cook is retiring and will pursue personal goals, the release said.

http://news.mainetoday.com/updates/028505.html