USR Technology, Inc. Announces Completion of Acquisition of Certain Assets of Shuayb K. Al Suleimany
USR Technology, Inc. announce the closing of a definitive agreement, dated August 26th, 2008, completing the acquisition of certain assets from Shuayb K. Al Suleimany of Muscat, Oman previously described in a Letter of Intent, dated June 30, 2008.
The assets being acquired from Suleimany comprise a variety of drilling equipment including drill bits, stabilizers, survey equipment, two wireline trucks including tools and related components located in Muscat, Oman.
The total value of the acquisition has been agreed at US$738,989 and the consideration will be by way of issuance of 738,989 post-consolidation restricted shares of our company, at a deemed value of $1.00 per share.
The acquisition of these assets complements the company’s core business of Ultra Short and Short Radius Drilling. Included in this acquisition are two wireline trucks, containing 25,000′ of single conductor wireline, which are used when running gyroscopic instruments to orient milling and drilling assemblies. The wireline trucks will also be used to run wellbore navigation tools that will transmit real-time inclination and azimuth readings to surface. This data is required for accurate placement of horizontal wellbores and is provided to customers while drilling operations are underway and at the conclusion of drilling operations. Assets such as specialty drilling assemblies, drill bits, power tongs, survey instruments, fishing and milling assemblies are also included in this acquisition.