Flow International Completes $65 Million Equity Private Placement Financing.

KENT, Wash., March 22 /PRNewswire-FirstCall/ -- Flow International Corporation , 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 ...