HII Technologies, Inc. (HIIT), a development-stage energy services company located in Houston, Texas, announced its intent to increase its efforts related to acquiring operating businesses servicing active shale-based resource plays including those located in South Texas. The Company is currently evaluating three separate operating company candidates for potential acquisition.
While the Company cannot give assurances of term sheets being executed with any of the current acquisition candidates or any acquisition ultimately being consummated, the Company has had initial discussions with several companies fit its target profile. The Company’s target profile for operating companies includes growing revenues, good cash flow and little or no debt with its current business.
The Company's CEO, Matt Flemming, stated, "Owner-operated private companies located in and around the Eagle Ford shale area of South Texas as well as other energy-resource plays in Texas have presented attractive candidates for HII to acquire. Some of these targeted candidates are debt free, providing some flexibility in financing an acquisition and many with good history of profitable operations. HII's current goal of acquiring one or more of these businesses could leverage our estimated $30 million tax loss carry-forward and help build value for our stockholders."