Mr. Chris Dorris reports
GLOBAL REMOTE TECHNOLOGIES ENTERS INTO SALES DISTRIBUTION AGREEMENT WITH POLARIS GUIDANCE PRODUCTS LLC
Global Remote Technologies Ltd. has entered into a sales distribution agreement with Polaris Guidance Products LLC dated June 8, 2015. The initial term of the agreement is one year. The agreement will then be automatically renewed at the end of the initial term for an additional year and automatically renewed each year thereafter. The agreement may be terminated by either party with 60 days of written notice after the expiry of the initial term of the agreement.
Pursuant to the agreement, Polaris has granted Global Remote Technologies the right to purchase its complete line of remote drilling systems for resale to third parties in North, Central and South America at such prices as the company may deem appropriate or reasonable. Furthermore, Global Remote Technologies is entitled to receive 15 per cent of the subscriptions it obtains from its customers for and on behalf of Polaris which relate to Polaris's WITSML (well site information transfer standard markup language) server. Further information regarding Polaris's WITSML server and other products in Polaris's line of remote drilling systems can be found at the Polaris website.
"The agreement marks an important milestone for our business expansion," said Chris Dorris, president and chief executive officer of Global Remote Technologies. "The agreement fits very nicely with our existing technology, services and product lines. We are hopeful that the agreement will increase our sales and customer base within the oil and gas industry."
About Polaris
Polaris is an innovative supplier of drilling motors, MWD (measurement while drilling) logging systems and WITSML data solutions for the oil field drilling sector. Polaris is committed to providing superior technological products and strong customer support, which translates into a significant competitive advantage to its customers, allowing them to fully exploit their specific market niche.
We seek Safe Harbor.
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