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by: OilOnline Tuesday, June 10, 2008 Deep Down acquires Flotation Technologies
http://www.oilonline.com/news/headlines/mergers/20080610.Deep_Dow.23247.asp

Deep Down acquires Flotation Technologies
by: OilOnline
Tuesday, June 10, 2008

Flotation Technologies, Inc., a leader in engineering, design and manufacturing of deepwater buoyancy and polyurethane elastomer systems, has been acquired by Houston-based Deep Down, Inc.

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."