Matrrix sells directional drilling assets, focuses on drilling rig division
CALGARY -- Matrrix Energy Technologies Inc. is pleased to announce that it has sold all of the assets related to its directional drilling division for approximately $1.5 million cash to a private directional drilling provider.
With the previously announced discontinuation of directional drilling operations and the sale, Matrrix intends to focus management's resources on driving growth and profitability in the drilling rig division. The cash proceeds from the sale will be used to pay down debt. Management believes Matrrix's strong balance sheet will allow it flexibility to execute on strategic acquisitions, specific customer related upgrades and other opportunities that may arise and align with its growth plan.
