MIDLAND, Mich., Sept. 06, 2018 (GLOBE NEWSWIRE) -- HPIL Holding (the "Company") ( OTC PINK : HPIL ) is pleased to announce that it has signed a Memorandum of Understanding (MOU) for the acquisition of RodDoc LLC (RodDoc) The acquisition of the assets of RodDoc will be in an all stock transaction [restricted shares].
The Company had signed, in December, 2017, a Memorandum Of Understanding with RodDoc to acquire a 100% of its assets. The Company is currently at an advanced stage in discussions with RodDoc for acquisition of its assets. RodDoc has a provisional patent in the ground drilling rod field. HPIL HOLDING will work with RodDoc to expand its market and locations. Both RodDoc and the Company intend to complete the agreement by October 15, 2018.
RodDoc has a US Provisional Patent Application No. 62/471,057 that has been filed. The patent application is for a drill rod re-surfacing device. RodDocGroup is in the business of re-surfacing drilling rods. Drilling rods wear out due to the high wear and tear on the rod as it travels through the ground. Drilling rods are considered as an expensive consumable by directional drilling, water, oil and gas, and other companies. Re-surfacing the used drilling rods provides the company using the drilling rods a considerable cost saving, Mr. Philbrick the CEO of RodDoc said, "We are thrilled that this transaction is being completed and we are keen to develop this market.”
Mr. Nitin Amersey, Chairman and CEO of HPIL Holding, said, "We look forward to completing this long delayed transaction. We anticipate working well with the great personnel at RodDoc.”
HPIL Holding (http://hpilholding.com) is a diversified holding company listed on OTC Markets. HPIL Holding is focused on investing in both private and public companies in differing business sectors. HPIL Holding does not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, acquires various types of businesses. HPIL Holding also evaluates the acquisition of intellectual properties and technologies.
Safe Harbor / Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "plan," "potential," "seek," and "intend," among others. These forward-looking statements are based on the Company's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
