Flotation Technologies Begins Facility Expansion to Meet Growing Demand
===== this is the news as it appears on the Flotation Technologies website subsequent to the DDI PR dated Jan 26 2009 and titled "Deep Down Expanding Buoyancy Facilities to Serve Growing Deepwater Market" and cotains additional context and comment from FT mgmt (link back for original DDI PR posted by utmostbastard) ============
BIDDEFORD, MAINE - February 2, 2009 - Flotation Technologies, Inc., a Deep Down Inc. company (OTCBB: DPDW) and a global leader in deepwater buoyancy systems, today announced the purchase of land adjacent to its current facility and has broken ground on an expansion project. Closing on the land took place the end of last year in preparation for an expansion of the facility, shipping access, and parking.
"We have experienced strong growth over the past three years and see no sign of this growth slowing, even in the current economy," commented David Capotosto, Flotation Technologies' president. "This expansion will allow us to meet and surpass our projected growth over the next three to five years, while continuing to provide our customers with the level of service they have come to expect from Flotation Technologies."
Construction has already begun on the project's first phase to improve the facility's functionality. Specific enhancements include the expansion of the facility's shipping and receiving area, improved roadway access, and parking for additional workers. The second phase of the project, which includes the building's expansion, is slated to begin later this quarter and is in the process of final design and engineering. The company has received all state and local approvals.
About Flotation Technologies
Flotation Technologies, Inc., 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 FlotecTM 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, QuickLocTM cable floats, HardballTM umbilical floats, FLOTECTTM cable and pipeline protection, InflexTM polymer bend restrictors and installation buoyancy of any size and depth rating. For more information, visit www.flotec.com.
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and related tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 862-2201 x250, or ir@deepdowninc.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 February 2, 2009, and Flotation Technologies undertakes no duty to update the information provided herein.
AI
Market Data 
Markets 
