HOUSTON, July 11, 2012 /PRNewswire/ -- HII Technologies, Inc. (OTCBB: HIIT), a development-stage energy services company located in Houston, Texas, announced its intent to increase its efforts related to acquiring operating businesses servicing active shale-based resource plays including those located in South Texas. The Company is currently evaluating three separate operating company candidates for potential acquisition.
While the Company cannot give assurances of term sheets being executed with any of the current acquisition candidates or any acquisition ultimately being consummated, the Company has had initial discussions with several companies fit its target profile. The Company's target profile for operating companies includes growing revenues, good cash flow and little or no debt with its current business.
The Company's CEO, Matt Flemming, stated, "Owner-operated private companies located in and around the Eagle Ford shale area of South Texas as well as other energy-resource plays in Texas have presented attractive candidates for HII to acquire. Some of these targeted candidates are debt free, providing some flexibility in financing an acquisition and many with good history of profitable operations. HII's current goal of acquiring one or more of these businesses could leverage our estimated $30 million tax loss carry-forward and help build value for our stockholders."
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based development stage energy field services company which is focused in pursuing technologies used in drilling and production of hydrocarbons via licensing, acquiring and/or developing products and services. We entered the development stage on May 10, 2011 upon the consummation of the sale of substantially all of the assets of KMHVC, Inc. (f/k/a Hemiwedge Valve Corporation), our wholly owned valve design and production subsidiary. The Company changed its name August 2011 to HII Technologies, Inc. in connection with selling the name and assets of the Hemiwedge technology it had previously licensed and developed.
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 customer's 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 July 11, 2012 and the Company undertakes no duty to update this information.
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