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Allis-Chalmers Corporation Announces Acquisition of Downhole Injection Systems.

Publication: PR Newswire
Publication Date: 15-DEC-04
Format: Online - approximately 613 words
Delivery: Immediate Online Access

Article Excerpt
Allis-Chalmers Corporation today announced that it has completed the acquisition of all the equity interests in Downhole Injection Systems, LLC ("DIS") for approximately $1.1 million in cash, 508,466 shares of Allis-Chalmers common stock, subject to receipt of regulatory approval, and the assumption of $950,000 of DIS debt. The Company acquired 65 percent of the DIS equity from a group of private investors, and simultaneously worked with Chevron Texaco Technology Ventures LLC to acquire the remaining interest from Chevron USA Inc.

Headquartered in Midland, Texas, Downhole Injection Systems provides solutions to downhole...

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