Deep Down Announces Support for SSAS Military Contract
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HOUSTON, TX – July 29, 2009 – Deep Down, Inc. (OTCBB: DPDW) announced today that it has been asked to support Amnor Technologies, Inc.'s fulfillment of a purchase order from VT Halter Marine for the manufacture and installation of a Security and Safety Alarm System ("SSAS") for US Navy TAGM Missile Range Craft under NAVSEA Contract N00024-06-C-2215, Phase II TAGM-25 Missile Range Instrumentation Ship.
Deep Down will provide design support, engineering, and manufacturing of the SSAS through a newly formed partnership with Amnor Technology Inc. Deep Down's partnership with Amnor provides access to Military and Government Small Business and Service Disabled Veteran Owned Small Business ("SDVOSB") set-asides that Deep Down was not previously eligible to participate in. Recent public law requires 3% of all prime contracts to be awarded to SDVOSB's. Deep Down expects to increase its participation in military contracts through its new partnership with Amnor.
"Our partnership with Amnor Technologies is part of a strategic realignment technologies and capabilities resident in Electrowave, whose operations will be integrated into Deep Down's operations in Channelview. Our plan is to refocus these capabilities toward more lucrative long-term opportunities, including military contracts through Amnor and new product development activities involving subsea controls, dynamic positioning, collision avoidance systems and distributed integrated circuitry. While certain products may continue to be sold under the ElectroWave label, Electrowave will cease to operate as a separate entity," commented Ron Smith, President and Chief Executive Officer of Deep Down Inc.
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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