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 $14.0M in Lower of Cost or Market Coil Tubing Technology Tools into a wholly owned subsidiary of AZRH & the exclusive rights to the distribution and sale of the broader set of technologies by AZRH. The effective date of the merger is 11/12/24. The tools will be delivered free and clear of liens, with zero obligation, and the wholly owned subsidiary joint venture formed will be subject to a 50 / 50 profit distribution between AZRH and CTT.
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 $310 million in committed capital this year and has acted as an advisor or co-advisor to over $1.3 billion in consummated transactions over the past decade.
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
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