KENT, Wash., July 10 /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, announced today that the U.S. Federal Trade Commission
(FTC) has accepted a consent decree with Flow which will permit the merger
of Flow and OMAX Corporation.
"We are very pleased to have accomplished this critical step towards
the merger of Flow and OMAX," said Charley Brown, CEO of Flow. "Management
teams of both companies can now focus on completing the definitive merger
agreement and the necessary filings with the Securities and Exchange
Commission. The transaction is expected to close during our second fiscal
quarter, which ends October 31. We remain tremendously excited about adding
the strengths of the OMAX team to our own. OMAX has been singularly focused
and successful in the development, marketing and servicing of its OMAX
JetMachining Centers, offered for sale through the most efficient
distributor channel in the industry both domestically and worldwide. As our
plans unfold, customers, distributor associates and team members throughout
both Flow and OMAX can look forward to dynamic growth supported by even
better products and customer service. Significant elements of this growth
will come from the important distribution channel that OMAX has built plus
the well respected OMAX brand name and product line up."
The consent decree provides that Flow will make available to other
abrasive waterjet companies royalty-free licenses to OMAX's U.S. Patents
5,508,596 and 5,892,345, which relate just to the controllers used in
waterjet cutting systems. The licenses do not include any transfer of
technology, will not cover any other patented equipment or processes owned
by Flow or OMAX, do not apply to any intellectual property outside of the
US, and expire in only five years.
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.
About OMAX Corporation
OMAX Corporation, headquartered, Kent, Washington, is a privately held
firm. OMAX is a leading provider of precision-engineered,
computer-controlled, abrasivejet systems for use in the general machine
shop and manufacturing environments. The OMAX JetMachining(R) Centers are
sold through a well-established and growing network of distributors. Each
distributor has already been successful in sales and service of
conventional machine tools and is carefully selected for the ability to
provide superior customer service before, during, and after the sale. For
more information, visit http://www.omax.com.
This press release contains forward-looking statements relating to
future events or future financial performance that involve risks and
uncertainties. The words "believe," "expect," "intend," "anticipate,"
variations of such words, and similar expressions identify forward-looking
statements but their absence does not mean that the statement is not
forward-looking. These statements are only predictions and actual results
could differ materially from those anticipated in these statements based on
a number of risk factors, including those set forth in the April 30, 2007
Flow International Corporation Form 10-K Report filed with the Securities
and Exchange Commission. Forward-looking statements in this press release
include, without limitation, statements regarding the timing of closing the
merger, accelerated market growth and better products and service. Readers
are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this announcement.
Contact:
John Leness
Flow General Counsel
253-850-3500
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
John Leness, Flow General Counsel,
+1-253-850-3500
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