PDT.to 18c ...environmental sonic rig soil testing...profitable...I've seen many of these types of companies in this industry trade much higher that this....I own some of it.
VANCOUVER, BC, Sept. 15 /CNW/ - Precision Assessment Technology Corporation (PDT:TSX) announced today that its wholly owned subsidiary Precision Sampling Inc. and Eijkelkamp Agrisearch Equipment of Giesbeek Netherlands have signed a Term Sheet, which grants an exclusive license for Precision to provide sonic drilling services and equipment distribution using Eijkelkamp's technology throughout North America. Eijkelkamp has developed a specialized smaller sonic drilling/sampling system for the use in the environmental, geotechnical, seismic, energy and mineral markets. At present Eijkelkamp is the only commercial manufacturer in the world of smaller sonic drilling systems.
Eijkelkamp brings over fifty years of engineering and manufacturing experience to the environmental industry of Europe. Eijkelkamp's attention to detail, superior craftsmanship and great engineering is in keeping with Precision's goal to provide the industry with superior results and professional service in North America.
The Eijkelkamp sonic drilling systems will facilitate increased productivity and improved quality. This will therefore increase Precision's revenue per rig day. The first of two new rigs are intended to be in service by December of this year. A minimum of eight (8) additional rigs will be added in 2005 to facilitate bringing sonic drilling systems to all of Precision's key markets.
The Eijkelkamp sonic rigs will add to Precision's new sonic drilling capabilities and will compliment Precision's new deeper larger sonic drilling systems. Earlier this year Precision added two large sonic drilling systems. Sonic drilling services are significantly more productive than conventional drill rigs. Precision anticipates that annualized revenue from the larger sonic rigs will grow in excess of $2 million. Each smaller sonic rig is anticipated to add in excess of another $400,000 annually. Precision is committed to purchasing 2 rigs this year and at least eight (8) through the course of next year.
Precision Assessment Technology Corporation provides drilling services for site assessment and remediation and groundwater assessment, monitoring and mitigation in the U.S. These services are provided using specialized and innovative drilling and sampling equipment and technologies from offices in California and Florida. Precision Assessment Technology Corporation operates through its wholly owned U.S. subsidiary; Precision Sampling Inc. Further information can be found at www.precisiontecha.com.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release -- including, without limitation, statements regarding future plans and objectives of Precision are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
%SEDAR: 00003754E
newswire.ca
For further information
Bob Nowack, Chairman and Chief Executive Officer, Phone: (604) 669-3373, Ext 201, Email: bob.nowack@precisiontecha.com
Cavalcanti Hume Funfer Inc., Investor Relations: Cathy Hume, CEO, Phone: (416) 868-1079, Ext 231, cathy@chfir.com
Linda Armstrong, Vice President, Phone: (416) 868-1079, Ext 229, linda@chfir.com
www.chfir.com
To request a free copy of this organization's annual report, please go to newswire.ca and click on reports@cnw. |
