Unity Management Group, Inc. Acquires On Track Technology Inc.Third Acquisition Since October 2011 Diversifies Unity Management Group's Revenue Stream
EAST HANOVER, NJ, May 15, 2012 (MARKETWIRE via COMTEX) -- 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.
About Unity Management Group, Inc.
Unity Management Group, Inc. views many projects that come into our offices. Our network of contacts in the financial community and our experience facilitates the development of relationships that may lead to financing, joint ventures and other opportunities that are so essential in this age of business and technological relationships.
Unity Management Group, a Business resource company, will continue to provide innovative management services that offer high value and significant return on investment through its three subsidiary companies: Unity Capital Acquisitions, Unity Technologies Inc., and United Business Services Inc.
Unity Technologies Inc. is a complete software solutions company offering billing, electronic medical records, and electronic health records for physicians' offices and hospitals.
Unity Capital Acquisitions will focus on building and accelerating growth oriented companies, with the intent of spinning them out to our shareholders as separate public companies.
For more information please go to our website which can be found at www.unitymanagementgroup.com
www.mcc-online.com
About On Track Technology
On Track Technology Inc. uses multiple patent technologies for Enhanced Oil Recovery (EOR) gas treatment. We will use this patented technology with other proven EOR technology currently used in the industry. 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.
For more information please go to On Track Technology's website at www.ontracktechnology.net
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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