TETRA Technologies, Inc. Announces the Expansion of Its Production Testing Business.Business/Energy Editors THE WOODLANDS, Texas--(BUSINESS WIRE)--Sept. 21, 2001 TETRA tetra: see characin. tetra Any of numerous attractively coloured freshwater South American and African fishes (family Characidae), often kept in home aquariums. Tetras are small, lively, hardy, and unaggressive. Technologies, Inc. ("TETRA" or the "Company") (NYSE NYSE See: New York Stock Exchange :TTI TTI Texas Transportation Institute TTI Thoracic Trauma Index TTI Transmission Time Interval TTI Travel Time Index TTI Travel Technology Initiative TTI Technology Transfer Initiative TTI Traffic and Traveller Information TTI Technology Transfer Institute ) today announced that it has acquired the assets and business of Laurel, Mississippi-based Production Well Testers, Inc. (PWT PWT Posterior Wall Thickness (cardiology) PWT Plain White T's (band) PWT Pennyweight PWT Personal Wireless Telecommunications PWT Poor White Trash PWT Bremerton, WA, USA - Municipal ), for cash. PWT is a wholly-owned subsidiary of Strata Directional Technology, Inc. PWT serves the offshore production testing market from its facilities in New Iberia New Iberia, city (1990 pop. 31,828), seat of Iberia parish, S La., on Bayou Teche, which is connected to the Intracoastal Waterway by a canal; inc. 1836. It has printing and publishing, and its manufactures include oil- and gas-drilling equipment, fabricated steel, , La. Its land-based testing business is primarily located in Mississippi, Alabama and Louisiana. TETRA's Chief Executive Officer Geoffrey M. Hertel, stated, "The PWT purchase is indicative of our commitment to further consolidate the Western Hemisphere Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. production testing business through external acquisitions which augment our internal construction program. Our strong financial position allows us to take advantage of opportunities like PWT, as they arise. "This acquisition significantly increases our testing presence in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and allows for further expansion into international markets. The land-based equipment and personnel expands our presence in Louisiana and allows us to enter new markets in Mississippi and Alabama. "TETRA will continue to seek additional opportunities that complement our long term production testing strategy. The current unsettled environment may afford us the option of acquiring other companies or assets, at realistic prices," concluded Hertel. TETRA is an oil and gas services company, including an integrated chemicals operation that supplies feedstocks to energy markets, as well as other markets. This press release includes certain statements that are deemed to be forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Certain Business Risks" contained in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2000. |
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