KENT, Wash., March 22 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading developer and manufacturer of
ultrahigh-pressure waterjet technology equipment used for cutting, cleaning
(surface preparation) and food safety applications, today announced that it
has completed a transaction with 14 institutional investors for the private
placement of 17.5 million equity units of securities, each unit comprised of
one share of common stock and a warrant to purchase one-tenth of a share of
common stock, at a per-unit price of $3.72. Roth Capital Partners acted as
the sole placement agent in this transaction.
The Company received gross proceeds of $65 million and net proceeds of
slightly less than $60 million. The warrants are exercisable at $4.07 per
share until 2010. As part of the transaction, the Company has 60 days from
the closing date of the transaction, March 21, 2005, to file an initial Form
S-1 registration statement for the resale of the shares and 180 days
subsequent to the closing date to have the Form S-1 registration statement go
effective.
The shares of common stock and warrants have not been registered under the
Securities Act, or any state securities laws, and were made in a private
transaction under Regulation D. The shares of common stock, including the
shares of common stock underlying the warrants, may not be reoffered or resold
in the United States unless the re-offer or resale is registered or unless
exemptions from the registration requirements of the Securities Act and
applicable state laws are available. The Company has agreed to file a
registration statement with the Securities and Exchange Commission covering
the resale by the investors of the privately placed common stock, including
the common stock issuable upon exercise of the investor and placement agent
warrants.
About Flow International
FLOW provides total system solutions for various industries, including
automotive, aerospace, paper, job shop, surface preparation, and food
production. For more information, visit http://www.flowcorp.com.
Contact: Steve Reichenbach
Chief Financial Officer
253-850-3500
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
Steve Reichenbach, Chief Financial Officer of
Flow International Corporation, +1-253-850-3500
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