Business
Victory Oilfield Tech Announces Private Placement Offering of Up to $7 Million and Posts New Company Presentation to Website
Victory Oilfield Tech Announces Private Placement Offering of Up to $7 Million and Posts New Company Presentation to Website.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nAUSTIN, Texas, June 22, 2018 (GLOBE NEWSWIRE) -- Victory Oilfield Tech (OTCQB:VYEY) (\"Victory\" or the “Company”) today announced that it is presently raising up to $7 million of new capital to help accelerate the Company’s expansion into the oilfield energy-tech industry through a Private Placement. The net proceeds from the offering are expected to be primarily utilized for targeted oilfield service company acquisitions, accelerate product acceptance and buildout of key infrastructure, including expansion of early-stage product manufacturing and distribution, order fulfillment, customer support, key executive team additions, payment of previously accrued liabilities and the launch of a branding effort to expand awareness of Victory’s revolutionary amorphous alloy coatings products. \n Kenny Hill, Victory’s Chief Executive Officer, commented, “We are pleased to begin our funding initiative as it is the final step in our plans to become a well-capitalized, technology-enabled, oilfield services technology business. We have a clearly defined strategy and detailed plans for prudently investing the anticipated net proceeds from the offering into the growth of the business, including the potential acquisition of an established oilfield services company. “To fully leverage the significant near and long-term growth opportunities provided by our exclusive product offering, we have assembled a proven management team with a strong track record of success at both small and large organizations. The combination of friction and torque reduction combined with enhanced wear and corrosion resistance extend the life of the industries’ most expensive equipment and enhances well outcomes and economics. Likewise, better asset-tracking, utilization and data collection from the deployment of our innovative RFID enclosure will drive clear value for our customer. We anticipate new innovative products will come to market as we continue to collaborate with drillers to solve their other down-hole needs.” About the Private Placement The Company has posted a presentation to its website that further details Victory’s oilfield technology and marketplace positioning. Accredited investors that would like to learn more about our private placement, please email a request to [email protected]...