AZURE HOLDINGS ($AZRH) Executes Joint Venture Agreement with Coil Tubing Technologies Inc., resulting in the acquisition and assignment of $14.0M in Coil Tubing Technology Tools into the JV
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.
Azure Holdings (OTC PINK:AZRH) ha stipulato un Accordo di Joint Venture con Coil Tubing Technology Inc. (CTT). L'accordo prevede che CTT contribuisca con $14,0M in strumenti tecnologici per il tubing coiled a una sussidiaria interamente controllata da AZRH, insieme ai diritti di distribuzione esclusivi. La joint venture opererà su base di condivisione degli utili al 50/50. CTT è specializzata in strumenti brevettati per l'industria del tubing coiled, concentrandosi su operazioni di pescaggio thru-tubing, workover e intervento, pulizia di pipeline e operazioni di perforazione laterali. Gli strumenti saranno consegnati privi di oneri e senza obblighi.
Azure Holdings (OTC PINK:AZRH) ha firmado un Acuerdo de Joint Venture con Coil Tubing Technology Inc. (CTT). El acuerdo implica que CTT contribuya con $14.0M en herramientas de tecnología de tubing enrollado a una subsidiaria de propiedad total de AZRH, junto con derechos de distribución exclusivos. La JV operará bajo un modelo de compartir utilidades al 50/50. CTT se especializa en herramientas patentadas para la industria del tubing enrollado, enfocándose en pesca thru-tubing, trabajo y intervención, limpieza de tuberías y operaciones de perforación lateral. Las herramientas se entregarán libres de gravámenes y sin obligaciones.
Azure Holdings (OTC PINK:AZRH)는 Coil Tubing Technology Inc. (CTT)와 합작 투자 계약을 체결했습니다. 본 계약은 CTT가 AZRH의 완전 소유 자회사에 $14.0M에 해당하는 코일 튜빙 기술 도구를 제공하고 독점 배급권을 함께 포함합니다. 합작 투자(JV)는 50/50의 수익 분배 기반으로 운영될 것입니다. CTT는 코일 튜빙 산업을 위한 독창적인 도구를 전문으로 하며, thru-tubing 피싱, 작업 및 개입, 파이프라인 청소, 수평 굴착 작업에 중점을 두고 있습니다. 도구는 부담금 없이 제공되며 어떠한 의무도 없습니다.
Azure Holdings (OTC PINK:AZRH) a conclu un Accord de Joint Venture avec Coil Tubing Technology Inc. (CTT). L'accord stipule que CTT contribuera avec $14,0M en outils de technologie de tubing enroulé à une filiale entièrement détenue par AZRH, ainsi qu'avec des droits de distribution exclusifs. La coentreprise fonctionnera sur une base de partage des bénéfices à 50/50. CTT se spécialise dans les outils brevetés pour l'industrie du tubing enroulé, en se concentrant sur la pêche thru-tubing, le travail et l'intervention, le nettoyage de pipelines et les opérations de forage latéral. Les outils seront livrés libres de tous privilèges et sans obligations.
Azure Holdings (OTC PINK:AZRH) hat einen Joint-Venture-Vertrag mit Coil Tubing Technology Inc. (CTT) abgeschlossen. Der Deal sieht vor, dass CTT $14,0M in Coiled Tubing Technology Tools in eine zu 100 % im Besitz von AZRH befindliche Tochtergesellschaft investiert, zusammen mit exklusiven Vertriebsrechten. Das Joint Venture wird auf einer Gewinnbeteiligungsbasis von 50/50 operieren. CTT hat sich auf proprietäre Werkzeuge für die Coiled Tubing-Industrie spezialisiert und konzentriert sich auf Durch-Tubing-Fischerei, Arbeiten und Eingriffe, Pipeline-Reinigung sowie seitliche Bohrungsarbeiten. Die Werkzeuge werden lastenfrei und ohne Verpflichtungen geliefert.
- Acquisition of $14M worth of Coil Tubing Technology Tools
- Exclusive distribution rights for broader technology set
- 50/50 profit-sharing structure in the joint venture
- Zero debt or liens associated with the acquired tools
- Access to established sales and distribution channels
- None.
HOUSTON, TX / ACCESSWIRE / November 14, 2024 / Azure Holdings Group Corp (OTC PINK:AZRH) (being renamed American Industries), a Nevada corporation, and Coil Tubing Technology Inc., (CTT), a Nevada corporation, are pleased to announce the signing of a Joint Venture Agreement that will result in the contribution of
The groups see an incredible opportunity together to invest into the sales and distribution channels that have been formed CST, another wholly owned subsidiary AZRH, while leveraging over 40 years of Oil & Gas industry relationships.
Coil Tubing Technology, Inc. (CTT) is supplying the joint venture with a full line of proprietary tools, manufactured in accordance with and to oil industry specifications. The core business of the Company is development and marketing of specialty tools and related innovative technical solutions used with coiled tubing and jointed pipe in the bottomhole assembly for the exploration and production of hydrocarbons. CTT is active worldwide.
As a coiled tubing company, CTT has specialized in the design of proprietary tools for the coiled tubing industry, concentrating on four categories of tubing applications: thru-tubing fishing, thru-tubing workover and intervention, pipeline clean out, and coil tubing lateral drillout operations.
CTT offers a turnkey tool package containing a full line of standard tools and proprietary downhole tools or a single item tool rental.
Controlled Investments acted as an Advisor to the Transaction. Controlled Investments is a capital investment firm led by Josh Cohenthat has raised
As a result of the new joint venture and its technology capabilities, both parties anticipate a bright future for present and future shareholders.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Josh Cohen,
josh@controlleddev.com
(917) 584-7042
SOURCE: Azure Holding Group Corp
View the original press release on accesswire.com
FAQ
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