Dailey J. Berard Pete Roman
Chief Executive Officer Chief Financial Officer
(337) 367-8291 (337) 373-5506
FOR IMMEDIATE RELEASE
New Iberia, La. -- (Business Wire) -- October 3, 2000 -- UNIFAB
International, Inc. (NASDAQ:UFAB) today announced the completion of a
private placement of 1.3 million shares of its common stock for $12.35
million, approximately $11.73 million net of selling commissions.
The Company also issued to Morgan Keegan & Company, Inc., the
placement agent, a warrant to purchase 60,000 shares at $9.50 per share.
UNIFAB will use the net proceeds of the offering to repay borrowings
under its credit facility. With the completion of the private placement,
UNIFAB has a total of 8,125,950 shares of common stock outstanding.
"UNIFAB will now have the additional working capital that we expect to
need as a result of anticipated increased customer orders and increased
business," said Dailey Berard, UNIFAB International, Inc. President, CEO
and Chairman of the Board.
UNIFAB International, Inc. is an industry leader in the custom
fabrication of topsides facilities, equipment modules and other
structures used in the development and production of oil and gas
reserves. In addition, the Company designs and manufactures specialized
process systems, refurbishes and retrofits existing jackets and decks,
provides design, repair, refurbishment and conversion services for oil
and gas drilling rigs and performs offshore piping hook-up and platform
maintenance services. Dailey Berard serves as a commissioner on a number
of committees and task forces that are working to improve training and
education of the workforce in Louisiana.
Statements in this press release as to anticipated increased customer
orders and increased business are forward-looking statements that are
dependent on, among other factors, the level of capital spending of oil
and gas companies and the Company's ability to obtain such orders through
competitive bidding. Variations in these factors could cause actual
results to differ materially from those that we anticipate.
