08/14/08 - Flotation Technologies Named The 27th Fastest Growing Manufacturing Company In The U.S.
BIDDEFORD, Maine--(BUSINESS WIRE)--Flotation Technologies, Inc., a Deep Down Inc. company (OTCBB: DPDW - News) 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.
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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. 500|Inc. 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 - News), is a world leader in the engineering, design and manufacturing of deepwater buoyancy systems using high-strength Flotec™ 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™ cable floats, Hardball™ umbilical floats, FLOTECT™ cable and pipeline protection, Inflex™ polymer bend restrictors and installation buoyancy of any size and depth rating. For more information, visit flotec.com.