USR Technology, Inc. Closes on Acquisition of Assets From Euroslot S.A.S. Valued at $2 Million
USR Technology, Inc. (OTCBB: USRI) –
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.
This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. The user can identify these forward-looking statements by forward-looking words such as “may,”"will,”"expect,”"potential,”"anticipate,”"forecast,”"believe,”"estimate,”"project,”"plan,”"continue” or similar words. The user should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, the acquisition of the equipment necessary for the provision of directional drilling services to oil and gas companies, the acquisition and employment of well intervention technologies, including USR and SR applications or that such technologies will increase or restore production and reduce water production in any particular application, and in general any statements regarding potential acquisitions, development programs, and future plans and objectives of USR Technology. Actual results relating to, among other things, pending acquisitions, results of the drilling technologies, capital costs and production costs could differ materially from those currently anticipated in such statements.
Factors affecting forward-looking statements include: the speculative nature of oil and gas exploration and development activities; changes in reserve estimates; the acquisition and application of the drilling technology to be acquired by USR Technology; changes in the operating costs; changes in economic conditions and conditions in the resource, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities; changes in the prices for hydro carbons that USR Technology may assist companies with producing; changes in the investments and exploration expenditure levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which USR Technology operates; technological, mechanical and operational difficulties encountered in connection with USR Technology’s drilling activities; and labour relation matters and costs. The user should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by USR Technology from time to time with the Securities and Exchange Commission and other regulatory authorities.
Contacts: USR Technology Inc. J. David LaPrade President (281) 378-8029 For Investor Relations Contact: Capital Group Communications Mark Bernhard (415) 332-7200 Email: firstname.lastname@example.org
SOURCE: USR Technology Inc.