UYMG News
Unity Management Group, Inc. Acquires On Track Technology Inc.
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Unity Management Grp (PC) (USOTC:UYMG)
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Today : Tuesday 15 May 2012
Unity Management Group, Inc. (PINKSHEETS: UYMG), a growing health resource company, today announced the acquisition of Texas-based On Track Technology Inc. in a transaction that expands the company's geographic coverage and diversifies its revenue stream. On Track Technology Inc. initiates, operates, and develops Enhanced Oil Recovery (EOR) opportunities within qualifying oil reservoirs in the United States using its Enhanced Oil Recovery method and technique.
Throughout the United States there are primary depleted oil reservoirs representing billions of barrels of oil that lend themselves to the use and exploitation of Enhanced Oil Recovery and On Track Technology Inc.'s proven patented technology. Without EOR technology, these reservoirs will produce only about 20% of their Original Oil in Place. Gas injection EOR is a proven method that has been in use over the last 50 years in the oil fields of West Texas, Kansas, Oklahoma, Michigan, Wyoming and Oklahoma. Terms of the acquisition were not disclosed per a confidentiality agreement with On Track Technology founders.
The transaction marks Unity Management Group's second strategic acquisition in 2012 and its third since October 2011. In October 2011 Unity Management Group acquired Metropolitan Computing Corp. (or MCC) as a wholly owned subsidiary. In February 2012, MCC agreed to acquire Donald A. Myers Machining and Manufacturing Service.
"The acquisition of On Track Technology will add diversification and growth to our portfolio of companies," said Unity Management Group President, Michael Oliver. "We are very optimistic on the outlook for the oil market in coming years. The fact that three of the top four Fortune 500 companies are oil companies for the second straight year provides a glowing outlook for the industry."
On Track Technology will maintain its existing corporate offices in Eustace, Texas.
