Houston, TX, July 10, 2014 --(PR.com
)-- ProOne, Inc. has announced that it has signed a distribution agreement with DistributionNOW (NYSE: DNOW), one of the largest distributors to the energy and industrial sectors with over 5,000 employees and more than 300 locations worldwide. With a legacy of over 150 years, DistributionNOW was formerly NOV Wilson, a division of National Oilwell Varco.
The agreement gives DistributionNOW rights to distribute ProOne’s proprietary lubricants to the oil & gas industry in the United States and Canada. “We are very pleased to partner with DistributionNOW and to be associated with a company known for high quality products and outstanding customer service. With their extensive distribution network, ProOne’s downhole drilling fluid treatment and other lubricants are now readily available for the industry,” says Don Barnes, ProOne’s Executive Vice President.
The initial areas of focus for the companies are in key oilfields in Texas and Oklahoma, expanding across the U.S. and Canada in 2014 and 2015. “ProOne has proven that it has a game changing technology for oil & gas drilling, and we are excited about the new market opportunities that this technology will open for our company,” said Craig Knight, the U.S. Drilling Sales Manager of DistributionNOW. “ProOne’s products will help DistributionNOW offer our customers value-added services to control their costs and help solve problems.”
ProOne Bio-Stable Drilling Fluid Treatment has over 50 times greater film strength than conventional lubricants, and yet is plant-based, biodegradable and environmentally friendly. ProOne’s product has been shown to reduce torque and drag by as much as 50% and increase rate of penetration in lateral wells. This results in reduced costs and in many cases allows operators to complete wells that otherwise might not have reached TD. The technology has been used successfully in several hundred wells by major operators in North Dakota, Texas, Oklahoma, California and Colorado.
Based in Houston, Texas and Orange County, California, ProOne, Inc. (ProOne), the operating division of ProOne Holdings, Inc., is in the business of developing and marketing high-performance, cost-effective lubricants and fuel products for the oil and gas industry and commercial and industrial customers. ProOne has developed proprietary breakthrough lubrication technology with applications for oil drilling, manufacturing, mining and transportation. The product line includes biodegradable downhole drilling fluid treatments and lubricants, greases, cutting oils, spray lubricants, engine, transmission & hydraulic treatments, and fuel additives that have been tested and certified by leading testing laboratories and proven in the real world. For additional information on ProOne visit www.pro1energy.com
DistributionNOW is one of the largest distributors to the energy industry on a worldwide basis, with a legacy of over 150 years. Through its network of over 300 locations and over 5,000 employees worldwide, DistributionNOW stocks and sells a comprehensive offering of energy products as well as an extensive selection of products for industrial applications. DistributionNOW also provides supply chain management solutions to energy and industrial manufacturing companies around the world. DistributionNOW offers 150,000 stocking units, including pipe, valves and valve automation, fittings, instrumentation, mill and industrial suppliers, tools, safety supplies, electrical products, drilling and production equipment, fabrication equipment, and industrial paints and coatings. For additional information on DistributionNOW visit www.distributionnow.com.
Statements contained in this news release, aside from those identifying historical facts, are 'forward looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.