HOUSTON, Feb. 6 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. (the "Company") today announced that is has filed a shelf registration statement to register $20,000,000 of its securities, consisting of common stock, stock purchase contracts, stock purchase rights, warrants and subscription rights. Any of these securities may be offered for sale from time to time in one or more offerings after the shelf registration statement is declared effective by the Securities and Exchange Commission.
This shelf registration statement is expected to increase the Company's financial flexibility, and management intends to use sales of the securities pursuant to the shelf registration statement to finance the Company's growth while seeking to limit or otherwise minimize dilution to existing stockholders of the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development-stage oilfield service and technology company owning several patents and pending patents related to its Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments.
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's ability to raise capital, if necessary, and its ability to obtain financing on acceptable terms, if at all, a worldwide downturn in the energy services sector, working capital constraints and other risks described in PDTI's filings with the SEC. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO Particle Drilling Technologies, Inc. 713-223-3031 Jack Lascar / Sheila Stuewe DRG&E / 713-529-6600
