MIDLAND, Mich., May 30, 2019 (GLOBE NEWSWIRE) -- HPIL Holding (OTC PINK: HPIL) is pleased to announce that its 100% owned subsidiary RodDoc Inc. which is in the underground drilling refurbishment service business is actively seeking industry partners in the underground construction space to take advantage of its spiral banding technology. RodDoc builds “spiral banding machines” that resurface worn underground drilling rods saving companies thousands of dollars in unnecessary expenses.
RodDoc has received notice from the U.S. Patent Office that its U.S. Patent Application no. 15/921,573 filed on March 14, 2018 “SPIRAL BANDING”, was published on February 21, 2019 under publication number US 2019-0056045-A1. The claims of the newly issued patent application are generally directed towards methods of spiral rod banding and identification, including performance of actions following therefrom.
RodDoc’s product and services have been well received and expansion plans are in place. As proprietary machines are built and deployed, we expect the high value-added proposition to rapidly grow the business. The market for HDD (Horizontal Directional Drilling) has significantly increased in recent years.
RodDoc is specifically looking for partners who service the underground drilling space and have welding equipment to work with RodDoc and servicing customers by taking advantage of RodDoc’s spiral banding technology along with the non destructive testing capability that we have to offer. Improved performance and drilling confidence is our value-added proposition along with a tremendous cost savings over buying new drill rods. Our spiral banding process is field tested and proven to add longevity to drill rods that were thought to be scrap.
The global market for Horizontal Directional Drilling in 2018 was $7.37B and is expected to grow at the rate of 13.2% over the next 6 years to USD 17.6 billion. RodDoc is uniquely positioned to offer customers a significant cost savings by making repairs to items that wear while drilling. As the patented machines are mass manufactured and placed strategically in the drilling regions globally, RodDoc will seek to offer maintenance services within comfortable travel distances to the major drilling customers.
Chris Philbrick, President of RodDoc Inc. said, “Current customers claim that the spiral banded drill rods wear longer than new rods and are a fraction of the cost.”
Consider your scrap drill rods and let RodDoc be your custom solution provider and derive value from your drill rod boneyard. Email Chris Philbrick, CEO at RodDocInfo@HPILHolding.com or at +1 (989) 252-8433.
HPIL Holding (http://hpilholding.com) is a diversified holding company listed on OTC Markets. HPIL Holding is focused on investing in both private and public companies in differing business sectors. HPIL Holding does not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, acquires various types of businesses. HPIL Holding also evaluates the acquisition of intellectual properties and technologies.
Safe Harbor / Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "plan," "potential," "seek," and "intend," among others. These forward-looking statements are based on the Company's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
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