Victory Oilfield Tech, Inc. acquired Pro-Tech Hardbanding Services, Inc. from Stewart Matheson for $1.5 million.
August 01, 2018
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Victory Oilfield Tech, Inc. (OTCPK:VYEY) acquired Pro-Tech Hardbanding Services, Inc. from Stewart Matheson for $1.5 million on July 31, 2018. Under the terms, $0.35 million of cash was paid, 0.011 million shares were issued, $0.15 million under escrow was released at closing, cash of $0.3 million to be paid on 60th day following the closing and $0.7 million to be paid over a period of two years following the closing in equal quarterly installments of $0.088 million each, with the first such payment being made on October 31, 2018, and the last such payment being made on July 31, 2020. Victory Oilfield Tech is taking a loan of $0.38 million from Kodak Brothers Real Estate Cash Flow Fund, LLC to fund the acquisition. The transaction is subject to legal due diligence by Victory Oilfield Tech, entering consulting agreement, all applicable waiting periods will have expired or otherwise been terminated, approvals of all governmental entities and approvals or notifications of any lenders, lessors, suppliers, customers or other third parties. Louis A Bevilacqua of BEVILACQUA PLLC acted as the legal advisor to Victory Oilfield Tech. Justin Byrne of Rischard, Carsey & Byrne, PLLC acted as the legal advisor to Stewart Matheson.
Victory Oilfield Tech, Inc. (OTCPK:VYEY) completed the acquisition of Pro-Tech Hardbanding Services, Inc. from Stewart Matheson on July 31, 2018.
Victory Oilfield Tech, Inc. is an oilfield energy technology products company. The Company is focused on enhancing the lifespan of the industryâs equipment. The Company operates in one reportable segment, being Hardband Services, which provides various hardbanding solutions to oilfield operators for drill pipe, weight pipe, tubing, and drill collars. The Company provides and applies wear-resistant alloys for use in the global oilfield services industry. Its wear-resistant alloys reduce drill-string torque, friction, wear and corrosion. It applies its coatings using advanced welding techniques and thermal spray methods. The Company provides tubing and drill-pipe metal coating products, radio frequency identification (RFID) enclosure products, and other services that provide protection and friction reduction for the metal component of a drilling operation.