SOURCE: UMED Holdings, Inc.
FORT WORTH, TX--(Marketwire - Oct 15, 2012) - UMED Holdings, Inc. (PINKSHEETS: UMED), a Texas Corporation, today announced that it has acquired a 50% interest in Rig Support Services, Inc. (RSSI), a privately held Texas Corporation in a stock for stock transaction.
RSSI has developed a unique and valuable technology and proprietary asset management tool for the oil and gas industry. This tool will not only provide independent rig owners with the ability to view and report on rig operations, it will also allow for a more streamlined and accurate service part process, ensuring cost savings per part and increased efficiency by significantly decreasing rig down-time due to mechanical break-downs. Presently, no similar solution exists within the oil and gas Industry.
Ryan Wester, President of RSI, said, "As a young company, partnering with UMED has given us instant credibility and support allowing us to concentrate on rapidly expanding and capturing a market that until now has been undeveloped."
Kevin Bentley, CEO of UMED, said, "With the purchase of RSSI, we are continuing to execute the growth strategy of our holding company through acquisitions of profitable, well managed, cash-generating companies that have predictable revenues and increasing cash flow."
About UMED Holdings, Inc.
UMED Holdings, Inc. (UMED), located in Fort Worth, Texas, is a holding company, with interests in energy, agricultural operations, precious metals exploration, software, and aircraft maintenance. Visit http://umedholdings.com/ to learn more.
About Rig Support Services, Inc.
Rig Support Services, Inc. (RSSI), is a fully integrated software and support provider to oil and gas industry operators. Visit http://www.rigsupport.com/ to learn more.
Forward Looking Statements
This document contains forward-looking statements and information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors.