HOUSTON, Aug 12, 2015 /PRNewswire/ – Packers Plus Energy Services Inc., an innovative oilfield service provider, in conjunction with a subsidiary of Acacia Research Corporation (NASDAQ: ACTG), the leader in patent licensing, announced their collaboration on the licensing of a set of fundamental patents related to multi-zonal completion of horizontal wells including ball-drop, sliding sleeve and packer technology for use in the hydraulic fracturing of both tight and conventional oil and gas reservoirs. This technology has been applied in oilfields across North America and worldwide and has contributed significantly to the tremendous growth in oil and gas production from unconventional shale formations.
“We are pleased to be working with Acacia as our licensing partner for these patents because of their proven expertise and success in obtaining fair value for the use of intellectual property. This transaction enables us to further unlock the investment and the value from our R&D while focusing our internal resources and investments in developing and delivering world class completion technologies to the market,” said Dan Themig, President and CEO at Packers Plus.
“Acacia is delighted to be partnering with Packers Plus, whose revolutionary products have attracted widespread adoption across the industry,” commented Matthew Vella, Acacia CEO and President. “We continue to grow our business in the Energy sector as highlighted by this collaboration and we look forward to seeing our recent acquisitions grow our base of future revenues.”
About Packers Plus
Packers Plus is an innovator of multi-stage completion systems and an industry leader in designing and manufacturing solutions for a variety of completion challenges. The privately held company, based in Canada, has run over 15,000 completion systems, accounting for over 224,000 fracture stages since it started operations in 2000. Today, Packers Plus has employees in 32 offices in Canada, the United States and internationally to maintain an influential role in key markets. The company has stayed true to its roots—an innovative company with a focused niche, enabling it to be one of the best in the industry.
About Acacia Research Corporation
Founded in 1993, Acacia Research Corporation (NASDAQ: ACTG) is the industry leader in patent licensing. An intermediary in the patent marketplace, Acacia partners with inventors and patent owners to unlock the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements, including those of Matthew Vella relating to the growth of our energy business and the growth of our base of future revenues, are based upon our current expectations and speak only as of the date hereof. Our ability to grow the business in the Energy sector and grow our base of future revenues may differ materially and adversely from that expressed in any forward-looking statements as a result of various factors and uncertainties, including the ability to source and add new patent portfolios, the economic slowdown affecting technology companies, the ability to successfully develop licensing programs and attract new business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE Packers Plus Energy Services Inc.