HII Technologies, Inc. Announces New Safety Services business unit
HOUSTON, Feb. 13, 2013 /PRNewswire/ -- HII Technologies, Inc. (the "Company"), symbol OTCBB: HIIT, an oilfield services company headquartered in Houston, Texas, today announced that it has established an oilfield safety consulting business unit called "AES Safety Services" within its AES Water Solutions subsidiary by consolidating several experienced independent oilfield safety engineers.
AES Safety Services works directly with oilfield operators to assist in establishing and developing Health, Safety and Environmental programs that are customized to client companies' specific needs. The services offered cover a wide array of aspects from onsite training and inspection to field audits testing for compliance with increasing Federal and State requirements.
The expected value to the customer includes expedited access to qualified trained personnel, flexibility to have safety consultants move from site to site as the customer programs dictate and reduced overhead by outsourcing this integral component of oilfield operations. AES Safety Services will continue to add independent contractors providing best-in-class personnel to assist in the reduction of workplace injuries through teamwork, professionalism and training.
AES Safety Services' current largest customer is operating in active oilfield areas in Ohio, West Virginia and Texas. The Company is in discussions with existing customers and prospective new customers for other market areas to utilize its expanding suite of services. The Company generated revenues in its first month of operations from existing customer relationships and is anticipated to rapidly grow as new safety consultants are added.
Mr. Charles Davis, an experienced safety engineer who is President of AES Safety Services, stated, "I am pleased to join the AES team leading this new division. The customer relationships I bring from my experience in the Eagle Ford shale area and the dedication to excellence that HII brings to all of its activities will result in a win-win for both our team and customers."
Mr. Brent Mulliniks, President of AES Water Solutions, stated, "Some of the largest oil companies that we work with are interested in outsourcing their onsite safety personnel to insure independence, develop more flexibility and reduce their overhead creating a highly scalable business model for AES' new division. Strategically, safety consultants typically build good working relationships with drilling operators which foster excellent referral channels. Due to upcoming new state and federal regulations, AES believes there will be an increasing market demand for these niche services."
To provide an initial base reference point, Matt Flemming CEO of the Company, announced, "We anticipate significant revenue contributions from the AES Safety Services division by the second quarter of fiscal 2013, currently estimated at about $300 thousand per fiscal quarter. The Company currently does not anticipate any material capital expenditures will be needed for this division during 2013 and that its working capital needs can be addressed under the Company's existing $1 million line of credit, which has yet to be used."
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas, Oklahoma, Ohio and West Virginia focused on commercializing technologies in water management, safety services and portable power used by exploration and production companies in the United States. The Company's total water management services subsidiary does business as AES Water Solutions, AES Safety Services is its onsite oilfield contract safety consultancy, and its mobile oilfield power subsidiary does business as South Texas Power (STP). Read more at www.HIITinc.com.
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, development stage company risks, difficulties in obtaining capital, difficulties in identifying products or services that will meet customers' needs, difficulties in identifying operating companies to acquire, limited personnel, volatility of the energy business and its effects on the Company's business, difficulties in new technology acceptance within the energy industry, political and economic global supply chain risk, general economic conditions in markets in which we do business, extensive environmental and workplace regulation by federal and state agencies, and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. All information provided in this release and in the attachments is as of February 13, 2013 and the Company undertakes no duty to update this information.
SOURCE HII Technologies, Inc.