UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) | June 2, 2014 |
Superior Drilling Products, Inc. | |
(Exact name of registrant as specified in its charter) |
Utah | 333-195085 | 46-4341605 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1583 South 1700 East, Vernal, Utah | 84078 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code. | (435) 789 - 0594 |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CPR 240.13e-4(c)) |
INFORMATION TO BE INCLUDED IN THE REPORT
Item 9.01. Financial Statements and Exhibits
Item 99.1- Press Release
A copy of an “Amended Press Release” announcing the acquisition of Hard Rock Solutions, LLC was issued by the Company on May, 30, 2014 is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
Exhibit |
|
Number | Description of the Exhibit |
99.1 | Press release, dated May 30, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SUPERIOR DRILLING PRODUCTS, INC. | |||
(Registrant) | |||
Date | June 2, 2014 | ||
/s/ Chris Cashion | |||
(Signature)* | |||
* Print name and title of the signing officer under his signature. | Chris Cashion | ||
Chief Financial Officer |
![]() |
NEWS RELEASE |
1583 S. 1700 E. ● Vernal, UT 84078 ● (435)789-0594
FOR IMMEDIATE RELEASE
Superior Drilling Products, Inc. Acquires Hard Rock Solutions, LLC
Acquisition closed simultaneous with initial public offering
VERNAL, UT., May 30, 2014 — Superior Drilling Products, Inc. (NYSE MKT:SDPI) (“SDPI” or the “Company”), a provider of drilling products for the oil, natural gas and mining services industry, announced that it has acquired Hard Rock Solutions, LLC for $25 million, of which $12.5 million was paid in conjunction with the closing of its initial public offering.
The Company acquired Hard Rock’s patented Drill N Ream well bore technology; a unique reaming assembly technology which has been used in over 850 horizontal wells since 2011.
“With the acquisition of Hard Rock, we have a tremendous opportunity to penetrate a very large addressable market with an innovative technology that enables faster and more efficient drilling of horizontal wells for our customers. Also, the acquisition enables us to establish an effective sales channel which provides the platform from which Superior Drilling Products can grow,” noted Founder and CEO, Troy Meier.
Mr. Meier concluded, “With our strengthend balance sheet, we will be able to leverage our state-of-the-art manufacturing capabilities and drilling industry expertise to continue development and commercialization of our innovative drilling product technology.”
About SDPI
SDPI is an innovative, cutting-edge manufacturer and remanufacturer of PDC (polycrystalline diamond compact) drill bits and drill
string tools for the oil, natural gas and mining services industries. SDPI operates a technologically-advanced PDC drill bit remanufacturing
facility, as well as a state-of-the-art drill tool machining facility. SDPI designs, manufactures and markets for rent drill string
tools including the patented Drill N Ream well bore enhancement tool. SDPI also provides manufacturing, leasing, and refurbishing
of drill string tools to oil field services clients.
Additional information about the Company can be found at its website: www.sdpi.com.
###
Superior Drilling Products, Inc. Announces Acquisition of Hard Rock Solutions, Inc.
May 30, 2014
Page 2 of 2
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. Certain statements in this release may constitute forward-looking statements, including statements regarding the Company’s financial position, market success with specialized tools, effectiveness of its sales efforts, success at developing future tools, and the Company’s effectiveness at executing its business strategy and plans. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, our business strategy and prospects for growth; our cash flows and liquidity; our financial strategy, budget, projections and operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein.
For more information, contact investor relations:
Deborah K. Pawlowski / Alex P. Hamilton
Kei Advisors LLC
(716) 843-3908 / (716) 242-8632
dpawlowski@keiadvisors.com / ahamilton@keiadvisors.com
###