CORPORATE UPDATE
March 27, 1998
Arnold Wong, President, updates the Company's operations:
Techcorp's business strategy is to design and develop a line of proprietary products used in the oil and gas service sector, selling, renting, and leasing this equipment on a longer term basis. As an Original Equipment Manufacturer (OEM), Techcorp will have delivered six Rotating Blowout Preventer units (the RPM System 3000TM) sold to its first customer by the end of March. Additional units are being manufactured for both domestic and international projects that Techcorp is presently negotiating.
Techcorp's Rotating Blowout Preventer has quickly gained wide recognition from numerous companies including Anderson Exploration, Poco Petroleum, Ulster Petroleum, Colony Energy and Pajak Engineering, all of which recognize the added benefits and advantages of utilizing the product.
Techcorp is also nearing the final development stages of their new and higher pressure-rated Rotating Blowout Preventer, the RPM System 5000TM . This 5000 p.s.i. pressure rated system will enhance Techcorp's available line of blowout preventers, and will ultimately be used in offshore underbalanced drilling applications. With a system rating of 5000 p.s.i., it will be among the highest ratings available. It is anticipated that a full prototype will be completed at the start of the fourth quarter of 1998. Market due diligence will determine the Company's production schedule.
The Company has also completed the development of, and is now manufacturing, an Upper B.O.P. Stripper for use with the RPM System 3000TM . The new Stripper will act as an optional add-on back-up seal, and will be mounted on top of the Rotating Blowout Preventer unit. This stripper seal will give additional safety benefits to the operator, and provide additional benefits when used in coiled tubing and fishing operations.
Additional products will be unveiled as early as the third quarter, which will include well completion equipment and a service packer line. All products will enhance and add to Techcorp's full line of proprietary equipment available to the oil and gas service sector.
Techcorp has commenced an aggressive advertising and promotions campaign. The RPM System 3000TM will be displayed at the upcoming Offshore Technology Conference in Houston, Texas in May, and at the National Petroleum Show in Calgary, Alberta in June.
The Company anticipates the release of first quarter financial results on or about May 18, 1998. |
