- Current Report on Form 8-k filed September 19, 2017 (and related press release) states;
- o The company’s 12 products are branded and proprietary; Miracle Blue™ is an industry standard for degreasers,
- o Profitable in 2015 and 2016 (which were difficult years for oilfield), illustrating the business models ability to shrink and have lower fixed costs,
- o Revenue growth up 68% for first six months ‘17 vs. ’16,
- o Substantial additional growth anticipated in West Texas’ Permian Basin,
- o Half the drilling rigs in the United States are in Texas alone. Good concentration of customers to attach share of industry,
- o Current Customers are a ‘who’s who’ for our industry – Nabors (NBR), Patterson UTI (PTEN), Helmrich & Payne (HP), Cactus Drilling, Savannah Drilling and suppliers like Distribution Now (DNOW),
·
Matt Flemming, CEO built HII Technologies Inc.
from zero in revenues in August 2012 to $4.2 million by December 2014 (a $50m
run rate of annual revenues) in 28 months. Purchased three oilfield services
business and started up two totaling five divisions without private equity sponsorship
·
HIIT stock went from ten cents to two cents in
mid 2012 then over 24 months it rose to $1.14 per share (AES purchased
September 2012),
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