Superior Drilling Products Files Patent Infringement Complaint Against Stabil Drill Specialties, LLC
February 25, 2019
VERNAL, Utah–(BUSINESS WIRE)–Superior
Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the
“Company”), a designer and manufacturer of drilling tool technologies,
today announced that its wholly owned subsidiary Extreme Technologies,
LLC (“Extreme”) initiated patent infringement litigation against Stabil
Drill Specialties, LLC (“Stabil Drill”). The suit alleges that Stabil
Drill is infringing on Extreme’s U.S. Patent Nos. 8,851,205, 8,813,877,
and 9,657,526, which cover the Company’s market-leading well bore
conditioning tool, the Drill-N-Ream®.
Troy Meier, Chairman and CEO, stated, “We strive to provide our
customers with the most innovative drilling tool technology solutions.
The Company is committed to protecting its investments in research and
development for its inventive drilling technology and vigorously defends
its intellectual property rights.”
The lawsuit was filed in the United States District Court for the
Western District of Louisiana Lafayette Division.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling
tool technology company providing cost saving solutions that drive
production efficiencies for the oil and natural gas drilling industry.
The Company designs, manufactures, repairs and sells drilling tools. SDP
drilling solutions include the patented Drill-N-Ream® well bore
conditioning tool and the patented StriderTM oscillation
system technology. In addition, SDP is a manufacturer and refurbisher of
PDC (polycrystalline diamond compact) drill bits for a leading oil field
service company. SDP operates a state-of-the-art drill tool fabrication
facility, where it manufactures its solutions for the drilling industry,
as well as customers’ custom products. The Company’s strategy for growth
is to leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information
that are subject to a number of risks and uncertainties, many of which
are beyond our control. 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, the success of the Company’s technology and intellectual
property, the ability to protect its technology and intellectual
property, competition and government regulations; and general economic
conditions, as well as other factors.
Contacts
Investor Relations:
Deborah K. Pawlowski
Kei Advisors
LLC
(716) 843-3908
dpawlowski@keiadvisors.com