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Azure Holdings (OTC PINK:AZRH) has entered into a Joint Venture Agreement with Coil Tubing Technology Inc. (CTT). The deal involves CTT contributing $14.0M in Coil Tubing Technology Tools to an AZRH wholly owned subsidiary, along with exclusive distribution rights. The JV will operate on a 50/50 profit-sharing basis. CTT specializes in proprietary tools for the coiled tubing industry, focusing on thru-tubing fishing, workover and intervention, pipeline clean out, and lateral drillout operations. The tools will be delivered free of liens with no obligations.
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