Flow International Corporation, the US-based leading developer and manufacturer of ultrahigh-pressure (UHP) waterjet technology primarily used for cutting, cleaning, and food safety applications, has announced that it has been selected by the Frank Russell Company for inclusion in the Russell 2000 and Russell 3000 indices of publicly traded companies.
The inclusion is the result of the Russell Company's annual reconstitution of its investment indices, which takes place on June 30 each year and remains in place for one year.
"Flow is pleased to again be included in the closely watched Russell 2000 and 3000," said Ron Tarrant, chairman, president and CEO of Flow International Corporation. "Inclusion in these indices should provide further visibility for Flow common stock with investors and institutions that rely on the Russell indexes as part of their investment strategy."
Membership in the Russell 3000 is determined by market capitalisation rankings and style attributes, rather than by subjective opinion or committee decisions. The annual reconstitution of the Russell indices captures the 3,000 largest US stocks as of the end of May, ranking them by total market capitalisation to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000 while the remaining 2,000 companies become the Russell 2000.
Separately, Flow commented on a recent SEC Form 144 filing by Ronald W. Tarrant, chairman, president and chief executive officer, registering an intent to exercise stock options that were due to expire on June 25, 2002. The options being exercised were granted to Mr. Tarrant in June 1992 and were exercisable for 75,000 shares. Separately other executives have purchased approximately 35,000 shares.