KENT, Wash., May 17 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading developer and manufacturer
of industrial waterjet machines used for cutting and cleaning applications
around the world, today announced that its Board of Directors, with the
assistance of Houlihan Lokey Howard & Zukin Capital, Inc. (Houlihan Lokey),
its financial advisor, has completed its Strategic Alternatives Analysis.
After careful consideration, the Board has determined that the Company's
best alternative for optimizing shareholder value for the benefit of all
shareholders is to continue executing its strategic plan. Houlihan Lokey's
mandate was to consider all alternatives for the Company and its analysis
is consistent with recommendations previously made to the Board by another
investment banking firm.
"We are confident Flow can continue to deliver enhanced value to
shareholders," said Kathryn Munro, Flow's Chairman of the Board. "Between
2003 and 2006, Flow has increased revenue in its core business by almost
80%, repaid all its debts and returned to solid profitability. Flow has
talented and hard working employees who delivered these results and are
committed to executing on the Company's strategic plan to deliver further
growth and success."
Flow's Board also announced that it has made significant progress in
its search for an individual to replace retiring CEO, Stephen Light, and
that it hopes to complete the search soon.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet cutting technology to
industries including automotive, aerospace, job shop, surface preparation,
and more. For more information, visit http://www.flowcorp.com.
Flow International Corporation
Contact: Flow Investor Relations
253-813-3286
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com/
CONTACT:
Flow Investor Relations, +1-253-813-3286, of
Flow International Corporation
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