Related Quotes Sym. Price Chg. DPDW Trade News 0.59 0 Deep Down Goes Public in Reverse Merger
Dec 22, 2006 11:21:00 (ET)
HOUSTON, Dec 22, 2006 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc. (OTC Bulletin Boards: DPDW) today announced that effective December 14, 2006, MediQuip Holdings, Inc. ("MediQuip") consummated an agreement and plan of reorganization with Deep Down, Inc. ("Deep Down"), a Delaware corporation, for the acquisition of Deep Down, Inc. by MediQuip.
Deep Down, a deep-water marine umbilical and flexible pipe installation engineering and installation management company, was incorporated in Delaware on April 17, 1997. MediQuip will assume the name Deep Down. All officers and directors of MediQuip have voluntarily resigned their posts in anticipation of the reorganization of the two companies.
"I am very excited about the current opportunities for Deep Down, and the future growth within our industry," commented Ron E. Smith, Deep Down's new President and CEO. "Access to public markets will accelerate opportunities to continue growth both internally through enhancement of our innovative product- lines and marine services, and externally through future complementary acquisitions.
"Deep Down's strategy is to consolidate offshore industry service providers, designers, and manufacturers of subsea, surface, and offshore rig equipment that are used by major independent and foreign national oil and gas companies in offshore markets throughout the world," Smith concluded.
About Deep Down, Inc.
Deep Down specializes in the provision of installation management, engineering services, support services and storage management services for subsea controls, umbilicals and pipeline industries offshore. The Company also fabricates component parts for subsea distribution systems and assemblies that specialize in the development of offshore subsea fields and tie backs. These items include umbilicals, flowlines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems. Deep Down provides these services from the initial field concept phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of projects. Its products and services serve the offshore industry and are used in deep-water exploration and production of oil and gas.
SOURCE Deep Down, Inc.
Steven Haag, investor relations of Deep Down, Inc., +1-281-862-2201, or fax, +1-281-862-2522, or shaag*capnetrisk.com
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