Freedom Well Testing Joins Azure Holding Group ($AZRH) in Strategic Merger

Rhea-AI Summary

Azure Holding Group Corp. (OTC PINK:AZRH) has completed a strategic merger with Freedom Well Testing (FWT), acquiring 100% of FWT's business in an all-stock exchange. FWT, a 5-year-old oilfield services company, reported $24.1M in revenue for 2023 and expects over $10M for 2024. The company projects revenue growth to $18M by 2025. FWT specializes in Flowback and Production services in the Permian Basin, Delaware Basin, and Eagleford Shale. The company maintains a zero TRIR safety record and offers services including Toe Prep, Frac Assist, Drill Out, Well Testing, Sand Management, Production, and Lease Operator services.

Positive

• FWT reported strong revenue of $24.1M in 2023
• Company projects revenue recovery to $18M by 2025
• Maintains perfect safety record with zero TRIR
• Strategic expansion into major oil & gas basins
• All-stock transaction preserves cash resources

Negative

• Revenue decline to $10M expected in 2024
• Financial statements are currently unaudited
• Election year impact affecting revenue performance

WEATHERFORD, TX / ACCESSWIRE / November 27, 2024 / Azure Holding Group Corp. (OTC PINK:AZRH, being renamed American Industries) and Freedom Well Testing ("FWT") have officially completed a strategic merger, integrating FWT's full business operations into AZRH. The merger, finalized on November 25, 2024, merged 100% of FWT's business in an all stock exchange.

Freedom Well Testing, a 5 year old oilfield services company, brings extensive expertise in providing Flowback and Production services to Major Oil & Gas Operators in the Permian Basin, the Delaware Basin and the Eagleford Shale. The companies plan to pursue further joint ventures and acquisitions in the coming months.

Freedom Well Testing $24,107,229 in revenue for the year ending December 31, 2023. Its 2023 fiscal year financial statements, which are unaudited but were compiled by a third party accountant are being released concurrently with this press release on the X page of American Industries (@americanmade_ai). The company intends to engage Grassi as its independent auditor in January 2025. For the year ending December 31, 2024, the Company expects to record just over $10,000,000 in revenue, mostly down as a result of an election year. The Company believes it is well positioned to grow back to at least $18,000,000 in revenue for the 12 months ending December 31, 2025.

Freedom Well Testing was found on the following 3 key principles: Honesty, integrity & experience.

Founded in 2019, by Eric Kuritz and Josh Watson, Freedom Well Testing brings 20+ years of proven experience into the oil and gas industry. Eric & Josh have managed upwards of 120 oil & gas professionals on projects that set records for oil production and management of sand returns.

At Freedom Well Testing, we understand the importance of safety and environmental responsibility. That's why we adhere to strict safety protocols and environmental regulations, and we are constantly investing in innovative technologies and practices to minimize our environmental impact. We believe that it's our responsibility to protect the environment and the communities where we operate.

Since opening for operation, we have maintained a TRIR of Zero (0). Our professional, detail-oriented employees ensure Freedom Well Testing carries a reputable name within the oil and gas industry, and maintain our commitment to achieve zero incidents involving injury or spills. We desire to become the best, most efficient, knowledgeable workforce in the industry.

Freedom Well Testing's areas of expertise include: Toe Prep, Frac Assist, Drill Out, Well Testing, Sand Management, Production, Lease Operator.

Marcus Laun advised Controlled Investments, a capital investment firm led by Josh Cohen that has raised $310 million in committed capital this year and has acted as an advisor or co-advisor to over $1.3 billion in consummated transactions over the past decade, through its transaction with FWT.

For More Details, Please see media details

Company Name: $AZRH / American Industries
Contact Person: Josh Cohen
Josh@controlleddev.com
Website link: www.oilfieldservices.ai
City: New York
State: NY

Company Name: Freedom Well Testing
Contact Person: Josh Watson
Contact Email: jwatson@freedomwelltest.com
Website link: www.freedomwelltest.com
City: Weatherford
State: Texas

SOURCE: Azure Holding Group Corp.

View the original press release on accesswire.com

FAQ

What is the revenue projection for AZRH's Freedom Well Testing division in 2025?

Freedom Well Testing projects revenue of $18 million for the year ending December 31, 2025.

How much revenue did Freedom Well Testing generate in 2023 before merging with AZRH?

Freedom Well Testing generated $24,107,229 in revenue for the year ending December 31, 2023.

What services does AZRH's Freedom Well Testing division provide?

Freedom Well Testing provides Flowback and Production services, including Toe Prep, Frac Assist, Drill Out, Well Testing, Sand Management, Production, and Lease Operator services.

When was the merger between AZRH and Freedom Well Testing completed?

The merger was completed on November 25, 2024, with 100% of FWT's business being acquired in an all-stock exchange.