MIDLAND, Mich., Oct. 26, 2018 (GLOBE NEWSWIRE) -- HPIL Holding (the "Company") (OTC PINK : HPIL ) is pleased to announce that it has completed the acquisition of an Underground Drilling Service Business known as RodDoc Inc. from Christopher Philbrick and Frank Dougherty of New Jersey. The acquisition of the assets and IP of RodDoc Inc. was made in exchange for HPIL restricted stock. An 8K with the relevant information was filed on the Securities and Exchange Commission Edgar system on October 19, 2018.
RodDoc builds “spiral banding machines” that resurface worn underground drilling rods saving companies thousands in unnecessary expenses. Currently a patent is pending for the machine and the process.
RodDoc has been doing business and marketing to horizontal directional drilling (HDD) companies in Southern New Jersey. RodDoc’s product and services have been well received and expansion plans are in place. As proprietary machines are built and deployed, we expect the high value-added proposition to rapidly grow the business. The market for HDD has significantly increased in recent years.
In addition to US domestic deployment, HPIL Holding has initiated discussions with parties in other countries to license and install the RodDoc patent pending process and “Spiral Banding Machine”. The initial target markets include Canada and Europe.
Mr. Christopher Philbrick, the CEO of RodDoc, said, "We at RodDoc are very excited with our synergies with HPIL Holding. Combining our innovative technology with HPIL’s strategic plans, access to funds and contacts, we see scalability and fast growth ahead. I am personally looking forward to the international reach and opportunities that this association will bring."
Mr. Nitin Amersey, Chairman and CEO of HPIL Holding, said, "We are beginning to execute on our plans and look forward to developing the underground drilling service business. We will also very shortly be providing shareholders with further information on the structure of the Company and plans to become current in our reporting. We have also been evaluating other technologies and expect to conclude the transactions shortly.”
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.
For more information please contact:
HPIL Holding
Peter Nicosia
Tel: +1 (248) 750-1015
Email: info@hpilholding.com
Source: HPIL Holding
Twitter: https://twitter.com/hpilhold
Web Site: http://www.hpilholding.com
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