Houston, TX, Aug. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Movement Industries Corp. (OTC PINK: VSHC) announced today that the company has signed a Binding Letter of Intent for the acquisition of Predominant Pumps. Mr. Sami Suheil, current CEO of Predominant Pumps, will be joining the Movement Industries management team and will also serve as a member of our strategic direction team. Mr. Suheil, a serial entrepreneur in the energy space, previously founded two companies, vMonitor and Merla Wellhead Services, that were sold within 5 years to U.S. publicly-traded companies in separate transactions.
Mr. Linh Nguyen, CEO, stated, “We believe in advancing humanity and moving the world through innovation. This is another positive step towards fulfilling our mission. Not only do we add a great business with high-growth potential, we are acquiring technologies that can be used across all our products and services. We also gain the expertise of Mr. Suheil, his deep knowledge of the digital oilfield, and his extensive experience in growing strong businesses. We look forward to growing our business together well into the future.”
Mr. Sami Suheil stated, “I’m extremely excited to join the team at Movement Industries. It’s refreshing to see so many talented individuals working together to build an innovative business that can drive real change and I look forward to being an integral part of the team. Their focus on new technologies as an essential component of all their solutions is the perfect strategy for the future growth of the industry.”
Predominant Pumps, based in Houston, Texas, manufactures chemical injection pumps with a patented new gear design that reduces power consumption and increases operating efficiency. This patented new design reduces failure points and its high efficiency allows the pumps to operate solely on solar powered batteries. Each pump is equipped with an on-board IOT chip that allows the pump to communicate directly with a cloud-based monitoring system that remotely monitors and controls the pump’s flow. Monitoring is sold as a monthly service that generates consistent, recurring revenue.
The IOT platform is built on the latest elastic and secure architecture to provide the cornerstone for the evolution of the cloud and data services around the value chain of delivering data-based analytics solutions. It is unique and leading in the chemical injection industry yet generic enough to serve as the foundation for comprehensive digital oilfield growth initiatives.
Chemical injection pumps are used across the supply chain of oil and gas production, processing and transportation. Their applications address a wide range of production challenges for both on- and offshore production of oil wells and gas wells such as foamers, corrosion inhibitors, bactericide, biocides, chemical processing, petroleum refining, and water treatment. They also have many other general industrial applications in various industries.
Predominant Pumps produces the following main lines: Solar DC Pumps, Electrical AC Pumps, Pneumatic Pumps, and Beam Pumps. In addition to the main product line, Predominant Pumps also offers pump systems and injection skids. All products are manufactured and follow an ISO compliant production manual.
Movement Industries is currently working diligently to bring together our initial group of companies that will serve as the core foundation of our vision to empower industries to move the world. In the coming days, we hope to disclose information on two more companies that have signed LOI’s to join us on our mission. These two companies represent the last of our initial set of acquisition targets. We are now evaluating our second group of larger companies to reach our goal of acquiring $100 million in annual revenue. We are also being presented with additional opportunities on a regular basis that are compelling enough to require our attention. Follow us on Twitter @mvmntin for more updates as they become available.
Movement Industries Corporation (“Movement”), formerly Visual Healthcare Corp., invests in emerging growth companies in energy, oil & gas, renewables and industrial manufacturing sectors. Movement's executive management team brings over 50 years of experience in the global energy market. Movement’s growth strategy includes deepening products and services offered to existing customers as well as acquiring complementary business units.
Movement’s vision is to create prosperity locally and growth globally in every community around the world by empowering individuals and industry to advanced humanity through innovation.
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About Hi-Alloy Valve
Hi-Alloy Valve is a leading supplier of valves across multiple industries with the primary focus on wellhead (API 6A upstream) and pipeline (API 6D midstream) valves for the oil and gas industry. Hi-Alloy is a certified ISO 9001:2015 and API Q1 company that provides the global energy market with an extensive product line and exceptional service.
For more information about Hi-Alloy Valve visit www.hialloyvalve.com. Make sure to follow Hi-Alloy on Twitter at www.twitter.com/hialloyvalve.
Contact Information:
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Safe Harbor Statement – In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief or expectations of the Movement and members of its management team with respect to the Movement’s future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Movement’s business units or the market price of its common stock. Additional factors that would cause actual results to differ materially from those contemplated within this press release can also be found on the Movement’s website. Movement disclaims any responsibility to update any forward-looking statements.