HII Technologies, Inc. Announces A Licensing Agreement For Frac Water Recycling System
Frac Water Management Subsidiary AES Water Solutions Expands Its Services With a Mobile High Volume Flow Back and Produced Water Recycling System
Houston, TX (GLOBE NEWSWIRE) - HII Technologies, Inc. (the "Company"), (OTCQB:HIIT), an oilfield services company focused on total frac water management, portable power and oilfield safety, headquartered in Houston, Texas, announced today that its wholly-owned subsidiary AES Water Solutions (AES), has licensed a high volume frac water recycling system to recycle flow back and produced water at the well sites during the completion process.
Currently, many horizontally drilled oil wells use up to 120,000 barrels (5 million gallon) of water to perform a hydraulic fracture in completing the oil or gas well, a frac operation. Of the water used, 20 to 30 percent is estimated to come back as flow back water within the first thirty days after the fracing operation. Today, in many cases these large quantities of flow back and produced water typically are transported by truck to an off-site facility for disposal. The transportation and disposal of flow back and produced water is a large expense item for exploration and production (E&P) companies and many local communities find the truck traffic unpopular.
AES is introducing its Frac Water Recycling System™ to address the need of onsite water reclamation for its E&P clients. This recycling system consists of a mobile unit that cleans up to 20,000 barrels-a-day of frac flow back water to acceptable reuse standards. The technology produces high volumes of polished brine or clear saltwater that is virtually free of total suspended solids (TSS) and is reusable in today's typical fracs in many cases cheaper than the cost to transport and disposal of the flow back water.
"The license granting the right to use this system is from Power Reserve Corp. (PRC), an existing corporate partner," said Mr. Brent Mulliniks, President of AES Water Solutions. "PRC procured the first system and licensed the related intellectual property and know-how required to operate the system, which in turn, has been sublicensed to AES Water Solutions," stated Mr. Mulliniks. He continued, "We expect this arrangement to enhance AES' overall services by offering a high volume recycling system for frac flow back and produced water for its customers. After testing, this water recycling unit is now field-ready and we anticipate entering into commercial agreements this month."
Mr. Mulliniks continued, "We believe this will set us apart from our competitors as we are not aware of another mobile onsite system on the market today that can treat over 20,000 barrels per day of water to these reuse standards which allows us to keep pace with the frac operations on a daily rate basis. Our total frac water management system includes water transfer, flow back services, above ground storage tanks, onsite recycling and wind-down pit evaporation."
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with operations in Texas, Oklahoma, Ohio and West Virginia. By focusing on the Water, Power and Safety oilfield segments, the Company is positioned to take advantage of the anticipated, significant growth in horizontal drilling and hydraulic fracturing within the United States' active shale and unconventional "tight oil" plays. The Company's frac water supply and flow back services segment has two subsidiaries, AES Water Solutions and AquaTex, its onsite oilfield contract safety consultancy does business as AES Safety Services, and its mobile oilfield power subsidiary operates as South Texas Power (STP). HII Technologies' objective is to bring proven technologies to these operating divisions to build a long-term competitive advantage. Read more at www.HIITinc.com, www.AESwatersolutions.com, www.AquaTexUSA.com, www.AESSafetyServices.com and www.Oilfield-Generators.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements as to matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on HII Technologies, Inc. ("HII")'s current expectations, estimates and projections about HII, its industry, its management's beliefs and certain assumptions made by management, and include statements regarding estimated capital expenditures, future operational and activity expectations, international growth, and anticipated financial performance in 2014. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these "forward-looking statements" are identified by words such as "expects," "believes," "anticipates" and similar phrases.
Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: risks that HII will be unable to achieve its financial, capital expenditure and operational projections, including quarterly and annual projections of revenue and/or operating income and risks that HII's expectations regarding future activity levels, customer demand, and pricing stability may not materialize (whether for HII as a whole or for geographic regions and/or business segments individually); risks that fundamentals in the U.S. oil and gas markets may not yield anticipated future growth in HII's businesses, or could further deteriorate or worsen from the recent market declines, and/or that HII could experience further unexpected declines in activity and demand for its hydraulic frac related water transfer business, its safety consultancy business or its generator and related equipment rental service businesses; risks relating to HII's ability to implement technological developments and enhancements; risks relating to compliance with environmental, health and safety laws and regulations, as well as actions by governmental and regulatory authorities. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect HII's business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, HII also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that HII files periodically with the Securities and Exchange Commission.
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SOURCE: HII Technologies, Inc.