Flint and Sub-One Technology have entered into an agreement to form a new jointly owned company to produce and market a revolutionary hard surfacing treatment called InnerArmor(R) technology. Owned 51 percent by Flint and 49 percent by Sub-One, the company will operate in North America and provide surface treatment services to clients in the oil and gas industry. Flint anticipates its initial investment in the first year to be up to $7 million. A portion of the investment will be used to purchase Sub-One shares. InnerArmor protects metallic surfaces from wear, abrasion, corrosion, erosion, scaling and friction, to extend surface life and reduce maintenance costs. A technological breakthrough that combines plasma enhanced chemical vapour deposition (PECVD) with hollow cathode plasma immersion ion processing (HCPIIP) - InnerArmor grows a very hard, durable, diamond like surface on the inside of pipes, valves, elbows, and other parts. By selecting a benign process without the toxic substances required for expensive exotic alloy steels or other metal surface coatings, clients avoid high costs and wasted energy. InnerArmor technology has the potential to be an industry game changer.
Bill Lingard, Flint's President and CEO, commented, "Flint InnerArmor will deliver an excellent solution to the challenge of corrosion and abrasion across our entire customer base. Sub-One has pioneered this revolutionary surface treatment process, and our partnership allows Flint to quickly bring its benefits to our clients. I believe this green technology will provide large material and operational cost reductions, while greatly reducing environmental footprint. I am very impressed with the people and technology at Sub-One, and we are excited about the potential of Flint InnerArmor."
Flint InnerArmor will operate as part of Flint's Production Services business segment in the United States and Canada, sharing resources and facilities as required. Both Flint and Sub-One will transfer key employees into the company. Many synergies exist between InnerArmor technology and all four of Flint's operating segments, particularly the Production Services and Maintenance Services businesses. Flint is already fabricating customer components that are treated with InnerArmor technology. Flint InnerArmor is expected to have surface treatment operations in Alberta within six months.
"Sub-One is excited about forming this joint venture with Flint, a market leader in North American energy services," said Andrew Tudhope, CEO of Sub-One Technology. "We are looking forward to tackling applications in the Oil Sands, Heavy Oil, and other areas where customers are struggling with significant downtime due to frequent component failures. By extending component life, InnerArmor technology will improve performance by reducing downtime and operational costs."
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