HII Technologies, Inc. Announces Purchase of Assets for its AES division
HOUSTON, Nov. 13, 2012 /PRNewswire/ -- HII Technologies, Inc. (the "Company"), symbol OTCBB: HIIT, an oilfield services company located in Houston, Texas, with operations in Texas and Oklahoma, today announced a major purchase of water transfer related equipment for use in its AES oilfield frac-related water transfer services division.
On November 8, 2012, the Company purchased over a half million dollars of assets, including 10+ miles of above ground high-volume water transfer pipe, numerous trucks, trailers, manifolds, road crossings, fittings and related equipment. These assets have been immediately deployed by AES to service expanding relationships with existing and new customers in shale, limestone and other tight oil unconventional reservoir areas.
Matt Flemming, CEO of HII Technologies, stated, "We purchased this equipment at very favorable pricing in order to expand our rapidly growing AES water transfer division addressing current customer demand. If purchased new, management estimates this equipment would have cost more than $1.2 million and we believe represents a great value for our stockholders."
The equipment was purchased under court order in a Chapter 11 bankruptcy proceeding. To finance the purchase, the Company and its wholly owned subsidiary AES issued a 10% secured note to third party investor, which note is secured by the assets purchased.
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas and Oklahoma which is focused on commercializing technologies in power and water management used by exploration and production companies in the United States. The Company's total water management services subsidiary does business as AES Water Solutions and its mobile oilfield power subsidiary does business as South Texas Power (STP). The Company changed its name in August 2011 to HII Technologies, Inc. in connection with selling the name and assets of its oilfield valve technology it had previously developed. Since the sale of its oilfield product line in 2011, it has focused on power and water management solutions in the oilfield for E&P customers via acquisitions and potential organic growth.
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, early 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 November 13, 2012 and the Company undertakes no duty to update this information.
SOURCE HII Technologies, Inc.