Business
Movement Industries Corp. (OTC: VSHC) Announces Signing of Binding Letter of Intent for the Acquisition of Predominant Pumps
Movement Industries Corp. (OTC: VSHC) Announces Signing of Binding Letter of Intent for the Acquisition of Predominant Pumps.
About this update from Movement Inds Corp.
[{"type":"text","content":"\n\n Acquires Patented Gear Design, Innovative IOT Technology & Cloud-Based Monitoring Solution Houston, TX, Aug. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Movement Industries Corp. (OTC PINK: VSHC) announced today that the company has signed a Binding Letter of Intent for the acquisition of Predominant Pumps. Mr. Sami Suheil, current CEO of Predominant Pumps, will be joining the Movement Industries management team and will also serve as a member of our strategic direction team. Mr. Suheil, a serial entrepreneur in the energy space, previously founded two companies, vMonitor and Merla Wellhead Services, that were sold within 5 years to U.S. publicly-traded companies in separate transactions.   Mr. Linh Nguyen, CEO, stated, “We believe in advancing humanity and moving the world through innovation. This is another positive step towards fulfilling our mission. Not only do we add a great business with high-growth potential, we are acquiring technologies that can be used across all our products and services. We also gain the expertise of Mr. Suheil, his deep knowledge of the digital oilfield, and his extensive experience in growing strong businesses. We look forward to growing our business together well into the future.”   Mr. Sami Suheil stated, “I’m extremely excited to join the team at Movement Industries. It’s refreshing to see so many talented individuals working together to build an innovative business that can drive real change and I look forward to being an integral part of the team. Their focus on new technologies as an essential component of all their solutions is the perfect strategy for the future growth of the industry.” Predominant Pumps, based in Houston, Texas, manufactures chemical injection pumps with a patented new gear design that reduces power consumption and increases operating efficiency. This patented new design reduces failure points and its high efficiency allows the pumps to operate solely on solar powered batteries. Each pump is equipped with an on-board IOT chip that allows the pump to communicate directly with a cloud-based monitoring system that remotely monitors and controls the pump’s flow. Monitoring is sold as a monthly service that generates consistent, recurring revenue.   The IOT platform is built on the latest ela...