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Victory Oilfield Tech Announces Acquisition of Oklahoma Based Oil Field Services Company Pro-Tech Hardbanding Services, Inc.
Victory Oilfield Tech Announces Acquisition of Oklahoma Based Oil Field Services Company Pro-Tech Hardbanding Services, Inc..
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nAUSTIN, Texas, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Victory Oilfield Tech, Inc. (OTCQB:VYEY) (\"Victory\" or the “Company”), today announced that it has acquired Oklahoma based oilfield service company Pro-Tech Hardbanding Services, Inc. (“Pro-Tech”). Pro-Tech is on an active growth curve and is expected to generate $2 million of gross revenue this year, which, if achieved, will reflect an increase in revenue from last year. The Pro-Tech acquisition is just one part of Victory’s plan to acquire and grow strategic oilfield services companies in the major oil and gas basins of the United States. Pro-Tech is one of the leading Oklahoma suppliers of the Armacor® MStar amorphous metal hardbanding product line and is well known in the region for its commitment to high quality products and exceptional service. The acquisition allows Victory to more rapidly deliver value to its customers and grow market share for its unique amorphous metal coated product offerings. These products are being designed to reduce overall drag in wellbore curves and laterals to increase the speed of drilling and extend the reach of the rig to enhance well economics.\n Kenny Hill, Victory’s Chief Executive Officer, commented, “Stewart Matheson founded Pro-Tech 30 years ago and created a leading provider of hardbanding services in Oklahoma while becoming a widely-respected authority in the industry. He is a steward, innovator, generous giver and cares deeply about the community he serves. We are very excited that Stewart has agreed to stay on as a strategic advisor as we work to expand the Pro-Tech customer base and product and service offerings. Pro-Tech customers can move forward with the knowledge that quality relationships and exceptional service will remain business as usual as we work together to expand Pro-Tech’s offerings beyond hard-banding. We believe that the Pro-Tech acquisition will help us accelerate our business plan and further our ongoing efforts to raise additional capital through our active private placement.” Victory also expects to further collaborate with Liquidmetal Coatings® to develop other products and distribution channels that can leverage Pro-Tech’s infrastructure and relationships in the oilfield services industry. For example, Victory is actively testin...