UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
August 27, 2018
SUPERIOR DRILLING PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
| Utah | 46-4341605 | |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
|
1583 South 1700 East Vernal, Utah |
84078 | |
| (Address of principal executive offices) | (Zip code) |
Commission File Number: 001-36453
Registrant’s telephone number, including area code: (435) 789-0594
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 1.01. Entry into a Material Definitive Agreement.
On August 27, 2018, and effective September 1, 2018, a wholly-owned subsidiary of Superior Drilling Product, Inc. (the “Company”) entered into a commercial lease related to property in Abilene, Texas to be used for the manufacture and repair of the Company’s product lines. The lease has a three year term, which commences September 1, 2018 and terminates on August 31, 2021. The lease rental is $8,033 per month and the Company was required to provide an $8,000 security deposit. The lease also contains other customary provisions regarding taxes, insurance, maintenance, repair, alterations, assignment and subleasing.
The foregoing description of the lease agreement is qualified in its entirety by reference to the text of such document, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.
Item 8.01. Other Events.
On August 29, 2018, the Company issued a press release in connection with the entry into the lease. The full text of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
* Filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 30, 2018
| SUPERIOR DRILLING PRODUCTS, INC. | |
| /s/ Christopher D. Cashion | |
| Christopher D. Cashion | |
| Chief Financial Officer |
FOR IMMEDIATE RELEASE
Superior
Drilling Products, Inc. Expands Operations
to Abilene Texas
VERNAL, UT, August 30, 2018 - Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has entered into a commercial lease related to property in Abilene, Texas to support the manufacture and repair the Company’s product lines and enhance its ability to efficiently service customers.
Troy Meier, Chairman and Chief Executive Officer commented, “This Texas facility represents an important step in our growth and expansion. Rather than sending all repairs to Vernal, UT, this facility will give us much better logistics for servicing our markets in the region, as well as provide a staging ground for enhancing our bit repair relationships. Importantly, it will also act as a full service facility for the Strider TM product line.”
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider TM oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com .
For more information, contact investor relations:
Deborah
K. Pawlowski
Kei Advisors LLC
(716) 843-3908
dpawlowski@keiadvisors.com
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