BEIJING, Oct. 8 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading developer and manufacturer
of industrial waterjet machines for cutting and cleaning applications,
today gave further clarity to its growth plans in Asia in conjunction with
the start of the 9th China International Machine Tool & Tools Exhibition
(CIMES 2009) trade show in Beijing. A key element of these plans is Flow's
relationship with Dardi International Corporation
(http://en.dardiwaterjet.com), the leading waterjet manufacturer in China.
Dardi is based in Nanjing, China and has three factories near Nanjing and a
comprehensive distribution network in China.
Last month, Flow announced that Dardi was the new supplier of its
Waterjet Pro(TM) line of machines targeted at the economy segment of the
market. In addition to this growing supplier relationship, Flow announced
today that it is also in discussions with Dardi to obtain a small minority
equity stake in Dardi and for both companies to utilize the other's
distribution capabilities.
"Dardi has capabilities that can accelerate Flow's growth worldwide and
in China," said Charley Brown, Flow International's President and CEO.
"Dardi is the number one global player in the opening price point, economy
segment of the waterjet market, and will provide Flow with a low cost
manufacturing base. If our current discussions lead to a mutual
distribution arrangement we believe that Dardi will provide Flow with
enhanced access for Flow's products to the high growth China market. Flow's
relationship with Dardi builds on our pending merger with OMAX Corporation
to establish Flow as the number one player in every segment of the global
waterjet market."
Flow also disclosed that its discussions with Dardi include the
opportunity to increase Flow's equity investment in the future based on the
success of the relationship.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet technology for cutting and
cleaning. Flow provides state-of-the-art ultrahigh-pressure (UHP)
technology to numerous industries including automotive, aerospace, job
shop, surface preparation, food and dozens more. For more information,
visit http://www.flowcorp.com.
ABOUT DARDI INTERNATIONAL
Dardi International Corporation was founded in 1996 and is the first
and now the largest manufacturer in China specializing in the research and
development of ultra-high pressure waterjet technologies and related
products. The flagship product, the waterjet cutting machine, is used
widely in various industries wherever there is a need to cut a material.
For more information, go to http://en.dardiwaterjet.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, 2008
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 Dardi's position in Asia,
future growth in Asia, possible agreements with Dardi and actions pursuant
to those agreements and completion of Flow's product line. Readers are
cautioned not to place undue reliance on these forward-looking statements
that speak only as of the date of this announcement.
Contact:
Flow Investor Relations Flow Media Relations
Geoffrey Buscher Lisa Brandli
253-813-3286 425-653-1237
investors@flowcorp.com lbrandli@flowcorp.com
SOURCE Flow International
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Related links:
http://www.flowcorp.com
CONTACT:
Geoffrey Buscher of Flow Investor Relations,
+1-253-813-3286, investors@flowcorp.com; or Lisa Brandli of Flow
Media Relations, +1-425-653-1237, lbrandli@flowcorp.com
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