PARTICLE DRILLING TECHNOLOGIES ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER
Houston - January 5, 2009 Particle Drilling Technologies, Inc. (NASDAQ: PDRT) (the
"Company") today announced that J. Chris Boswell has resigned from his position as Senior
Vice President, Chief Financial Officer and Treasurer of the Company, effective January 2,
2009. "We thank Chris for his contributions over the past five years and we wish him the best in
his future endeavors," said Jim B. Terry, the Company's President and Chief Executive Officer.
Jason Davis has assumed the role of interim Chief Financial Officer, effective immediately. Mr.
Davis joined the Company as Vice President and Controller on July 5, 2006 and has served as
the Company's Corporate Controller since then. Mr. Davis is a licensed certified public
accountant and has served in various financial positions for several companies including Texas
Genco, LLC and Isolagen, Inc. from 2003 to 2006. Mr. Davis was an accountant with Deloitte &
Touche after obtaining his BBA in Accountancy and Taxation from the University of Houston in
1997 until 2003.
About Particle Drilling Technologies, Inc. Particle Drilling Technologies, Inc. (NASDAQ: PDRT) is a development-stage oilfield service and technology company commercializing its patented and patent-pending Particle Impact Drilling system. The company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard-rock environments. It is headquartered in Houston, Texas. For more information, visit: www.particledrilling.com.
Safe Harbor Statement
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 need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector, working capital constraints and the ability of PDTI to successfully complete any strategic alternative. 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. B. Terry, President & CEO
Particle Drilling Technologies, Inc.
713-223-3031
Jack Lascar / Sheila Stuewe
DRG&E / 713-529-6600
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