VERNAL, Utah, Nov. 14, 2014 (GLOBE NEWSWIRE) -- Superior Drilling Products, Inc. (NYSE MKT:SDPI) ("SDPI" or the "Company"), a provider of drilling products for the oil, natural gas and mining services industries, has been awarded a third patent addressing the important utility, processes, benefits and applications of the Drill-N-Ream™ tool to condition a well bore while drilling. U.S. Patent number 8,851,205 titled, "Method and Apparatus for Reaming Well Bore Surfaces Nearer the Center of Drift," was issued on October 7, 2014, and provides the Company with further legal protection of the proprietary features of the tool and its function.
Troy Meier, Founder and CEO of Superior Drilling Products, noted, "This third patent for our Drill-N-Ream tool further underpins the value of our intellectual property and provides us with a strong and solid protection against any attempts to replicate our tool and its proprietary function. The protection provided through this patent will help us execute our growth strategy to deepen the penetration of the Drill-N-Ream tool oil and natural gas drilling market through both the capture of market share in the basins that the tool is currently being used along with geographic expansion into un-tapped basins."
The third patent is a continuation of the previously awarded patents numbered 8,813,877 and 8,752,649 issued on August 26, 2014 and June 17, 2014, respectively. Superior Drilling Products designs, manufactures and markets the Drill-N-Ream to exploration and production companies.
About Superior Drilling Products, Inc.
SDPI is an innovative, cutting-edge drilling tool technology company. The Company manufactures, repairs, sells and rents drilling tools. SDPI is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field services company. In addition, SDPI manufactures and markets drill string tools, including the patented Drill-N-Ream™ well bore conditioning tool, for the oil, natural gas and mining services industries. SDPI operates a state-of-the-art drill tool machining facility manufacturing for its customer's custom products and solutions for the drilling industry. The Company's strategy is to leverage its technological expertise in drill tool technology and innovative, precision machining to broaden its drill tool technology offerings for rent or sale, while establishing an effective sales and logistics infrastructure through which it can provide proprietary tools to exploration and production companies and drill rig operators. It also plans to grow its manufacturing operations by providing its oil field services customers with design, prototype development and manufacturing of their proprietary technologies.
Additional information about the Company can be found at its website: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions, 15 U.S.C. § 78u-5, of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. The use of words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project", "forecast," "should" or "plan, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Certain statements in this release may constitute forward-looking statements, including statements regarding the Company's financial position, market success with specialized tools, effectiveness of its sales efforts, success at developing future tools, and the Company's effectiveness at executing its business strategy and plans. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, our business strategy and prospects for growth; our cash flows and liquidity; our financial strategy, budget, projections and operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company's plans and described herein. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.