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FLOW INTERNATIONAL ANNOUNCES OKURA & CO. PREFERRED STOCK CONVERSION

FLOW INTERNATIONAL ANNOUNCES OKURA & CO. PREFERRED STOCK CONVERSION
 KENT, Wash., May 1 /PRNewswire/ -- Flow International Corp. (NASDAQ: FLOW) today announced the conversion of 5,000 shares of 8 percent convertible preferred stock with a $500-per-share liquidation preference into 518,995 shares of common stock. Okura & Co. (America) Inc., holder of the preferred stock, exercised its option to convert half of its holdings at a price of $4.817 per share.
 The preferred stock was issued to Okura in 1990 in a $5 million private placement. It is convertible anytime prior to Aug. 1, 1993. After this transaction, Okura will retain 5,000 shares of preferred stock with a liquidation value of $2.5 million.
 "Okura has been a major importer of FLOW products into the Japanese market for the past several years. This conversion represents our continuing commitment to Flow International our and confidence in its technology and leadership," said Kohei Takizawa, senior managing director of Okura.
 "Okura is our partner and has been very helpful in penetrating the Japanese market with our products," said Ronald W. Tarrant, president and chief executive officer of FLOW. "Sales into the Japanese market have represented 8 to 10 percent of our worldwide revenues over the past several years. Our relationship with Okura, as our exclusive distributor in Japan, has been an extremely valuable one for FLOW."
 Flow International Corp. is the world's leading manufacturer of ultra-high pressure waterjets for industrial cutting, cleaning and HydroMilling(R) services.
 -0- 5/1/92
 /CONTACT: Thomas A. Cross of Flow International, 800-645-6992, or 206-872-3286; Susan McAllister of The Rockey Co., 206-728-1100, for Flow International/
 (FLOW) CO: Flow International Corp.; Okura & Co. ST: Washington IN: SU:


JH-LM -- SE004 -- 5488 05/01/92 13:00 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:287
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