HOUSTON, Feb. 17 /PRNewswire-FirstCall/ -- Particle
Drilling Technologies, Inc. (Nasdaq: PDRT) ("PDTI" or
"Company") today announced that on February 17, 2006, it
reached a settlement in connection with its previously-
disclosed litigation matter titled Particle Drilling
Technologies, Inc. vs. PSI Distribution Incorporated, Harry B.
Curlett, Curlett Family Limited Partnership, Ltd., CCore
Technology and Licensing, Ltd., Deep Heat Energy Corporation,
and Energeo, LP. As a result of the settlement, all parties
involved in the litigation have dismissed and released all
claims and counter- claims asserted in the litigation. The
specific terms of the settlement are confidential, but the
settlement did not have a material impact on the Company or
its operations, assets or liquidity.
"We are pleased to get this litigation behind us and move
forward with the commercialization of the PID technology,"
stated Jim B. Terry, PDTI's President and Chief Executive
Officer. "This litigation was initiated in 2004 before both
John Schiller and I arrived and at this stage of the Company's
development, the process was beginning to consume too much of
our time. Therefore, we believe it is in the best interest of
the shareholders for PDTI to settle and move forward."
Particle Drilling Technologies, Inc., headquartered in
Houston, Texas, is a development stage oilfield service and
technology company owning certain patents and pending patents
related to the Particle Impact Drilling technology. The
Company's technology is designed to enhance the rate-of-
penetration function in the drilling process, particularly in
hard rock drilling environments.
Certain statements in this press release that are not
historical but are forward-looking are subject to known and
unknown risks and uncertainties, which may cause PDTI's actual
results in future periods to be materially different from any
future performance that may be suggested in this press
release. Such risks and uncertainties may include, but are not
limited to, PDTI's ability to raise equity capital, if
necessary, and its ability to obtain equity financing on
acceptable terms, if at all, a severe worldwide slowdown in
the energy services sector and working capital constraints.
Further, PDTI is a development stage company that operates in
an industry sector where securities values are highly volatile
and may be influenced by economic and other factors beyond
PDTI's control such as announcements by competitors and
service providers.
Contacts:
J. Chris
Boswell, SVP & CFO
Particle Drilling Technologies,
Inc.
713-223-3031 ext. 2049
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
