USR Technology, Inc. Closes on Acquisition of Assets From Euroslot S.A.S. Valued at $2 Millionadmin
As previously announced, on July 3, 2008 USR Technology, Inc. entered into a letter of intent with the private French company Euroslot S.A.S. concerning the granting by Euroslot of a US$1,000,000 credit against the future supply of certain assets, called Snake Screen(TM), and an exclusive 20 year worldwide license, excluding France, Iran and Russia, to use and market the patented Snake Screen(TM) technology. The value of this worldwide license is agreed at US$1,000,000.
The closing of the transaction occurred on September 26, 2008 and in consideration for the credit and license we issued 2,000,000 restricted shares of our common stock to Euroslot at a deemed price of $1.00 per share.
About the Snake Screen(TM)
The Snake Screen(TM) is the only articulated and rotatable sand screen technology available to the industry and is the only sand screen capable of negotiating the extreme radius of curvatures of Ultra-Short Radius (USR) wellbores. The distinct advantage of the Snake Screen(TM) is that it can be rotated without damage to the outer screen jacket. Rotation prevents frictional lockup when attempting to reach target depth in horizontal wellbores.
Sand screens are installed in oil and gas wells as a means to exclude loose sand and other solids particles from the produced hydrocarbon stream. Solids control is critical to prolonging the life of many oil and gas wells. Without proper solids control a well can plug off resulting in a reduced or complete loss of production. Additional benefits of controlling solids across the producing formation is that it reduces the downtime and operating costs of a well due to damage to downhole pumps and surface equipment.
About USR Technology, Inc.
USR Technology provides directional drilling services to international oil and gas companies, with emphasis on Ultra-Short Radius (USR), Short Radius (SR) and slim hole applications. The company will deploy proprietary well intervention technologies, including Rotary Steerable Tools and USR Mud Motors that are specifically designed to exploit remaining reserves, increase production from marginal wells, restore production from shut in wells and reduce water production. The company currently has offices in Texas, Louisiana, Bahrain, Oman, India and Indonesia.
USR Technology, Inc. trades on the Over-the-Counter Bulletin Board under the symbol “USRI”.
EUROSLOT S.A.S. is a specialist in metallic filtration media continuing to improve current technology and innovation by applying totally new “high tech” surfaces to the solid / liquid and solid / gas separation, from wedge “V” wire screening through to Laser Beam drilled sieves. More information may be found at Euroslot’s website: www.euroslot-screens.com.