Two Join Deep Down Board
Houston based deepwater oil and gas production and distribution equipment and services company Deep Down announced on Tuesday that it has appointed to experienced small cap investors to its board of directors.
David J. Douglas and Neal I. Goldman fill two recent vacancies on the board, expanding from two to three the number of independent directors on Deep Down's four person board.
Douglas is the Principal of Jamaka Capital Management, Deep Down's largest institutional investor, with ownership of approximately 11% of total shares outstanding.
Goldman is the President and Founder of Goldman Capital Management, one of Deep Down's largest institutional shareholders for several years.
Ron Smith, Deep Down CEO and Director, said, "We are pleased to welcome David and Neil, two Wall Street veterans, to our board. Their appointment extends our Board's independence with representative control of nearly 15% of Deep Down's ownership. Their appointment is an outcome of our ongoing strategic review of alternatives to enhance shareholder value and the recognition that our board could benefit from new independent insight and guidance. Importantly, David and Neil bring our board decades of hands-on small cap expertise while also being closely aligned with the interests of all of our shareholders."