VERNAL, Utah, May 29, 2014 (GLOBE NEWSWIRE) -- Superior Drilling Products, Inc. (NYSE MKT:SDPI) ("SDPI" or the "Company"), a provider of drilling products for the oil, natural gas and mining services industry, announced that it has acquired Hard Rock Solutions, LLC for $12.5 million in conjunction with the closing of its initial public offering.
The Company acquired Hard Rock's patented Drill N Ream well bore technology; a unique reaming assembly technology which has been used in over 850 horizontal wells since 2011.
"With the acquisition of Hard Rock, we have a tremendous opportunity to penetrate a very large addressable market with an innovative technology that enables faster and more efficient drilling of horizontal wells for our customers. Also, the acquisition enables us to establish an effective sales channel which provides the platform from which Superior Drilling Products can grow," noted Founder and CEO, Troy Meier.
Mr. Meier concluded, "With our strengthend balance sheet, we will be able to leverage our state-of-the-art manufacturing capabilities and drilling industry expertise to continue development and commercialization of our innovative drilling product technology."
SDPI is an innovative, cutting-edge manufacturer and remanufacturer of PDC (polycrystalline diamond compact) drill bits and drill string tools for the oil, natural gas and mining services industries. SDPI operates a technologically-advanced PDC drill bit remanufacturing facility, as well as a state-of-the-art drill tool machining facility. SDPI designs, manufactures and markets for rent drill string tools including the patented Drill N Ream well bore enhancement tool. SDPI also provides manufacturing, leasing, and refurbishing of drill string tools to oil field services clients.
Additional information about the Company can be found at its website: www.sdpi.com.
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