Replies to post #27372 on Koil Energy Solutions Inc. (KLNG)

[Pharaoh-1]

3 months for electrowave if I recall correctly, so this should be very close!!

[alex86]

ElectroWave LOI 1/22/07
ElectroWave deal consummated 4/2/07


Deep Down Executes LOI to Acquire ElectroWave USA
Monday January 22, 8:16 am ET
HOUSTON, Jan. 22 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced it has signed a letter of intent to acquire ElectroWave USA, an electronic monitoring/control system designer and manufacturer serving the energy, military, and commercial sectors, located in Houston, Texas.
"We are excited to have an executed letter of intent to acquire ElectroWave," commented Ron Smith, Deep Down's chief executive officer. "The electronic monitoring and control expertise provided by the acquisition of ElectroWave is a perfect addition to Deep Down's range of products and services, and complements our business plan of consolidating service providers within the offshore oil and gas industry.
"Added to Deep Down's spectrum of innovative pneumatic and hydraulic system products and services, ElectroWave's electronic monitoring/control capabilities greatly expands the breadth of products and services we offer. This acquisition is a key ingredient of Deep Down's plan to offer a 'one-stop- shop' to the offshore oil and gas support industry," Smith concluded.
Deep Down has now commenced the required due-diligence phase of the acquisition and, upon favorable completion, intends to execute the definitive agreement.

Effective April 2, 2007, the Deep Down consummated an Asset Purchase Agreement with ElectroWave USA, Inc. (“ElectroWave”) a Texas corporation, that provides for the acquisition of substantially all of the assets of ElectroWave. Deep Down formed a wholly-owned subsidiary, ElectroWave USA, Inc., a Nevada Corporation, to complete the acquisition. ElectroWave 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. ElectroWave’s customers include Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, VT Halter, Atlantic Marine, New York City Department of Transportation, and others. ElectroWave’s equipment is installed on some of the latest generation United States Coast Guard and United States Navy vessels. Current systems are in operation in the following areas: United States Gulf of Mexico, the North Sea, Baku, Vietnam, Singapore, Nigeria, Equatorial Guinea, Cameroon, Angola, India, Egypt, the United Kingdom, Russia, Brazil, Australia, Indonesia, and the Middle East.