Paradigm Oil and Gas said that its board has unanimously agreed to create a wholly owned technology and service subsidiary, Paradigm Technology Solutions.
The company said that it will continue to identify and acquire energy properties with previously discovered and known oil and gas reserves that have not either been fully produced from, or fully developed and defined. The company is currently evaluating new property acquisitions, expected to be released later this year.
Leveraging the proprietary technology platform and services of Paradigm Technology Solutions, the company expects to generate additional profit from these previously producing wells.
Paradigm Technology Solutions is a stand-alone technology and service division that will provide multiple new revenue streams and a strong entry point into the international marketplace, according to the company.
Paradigm has also retained Klemchuk Kubasta (K&K) an intellectual property, business technology and innovation law firm based in Dallas, Texas. K&K have been working closely with management to review the IP under consideration for acquisition in the coming days, and additionally create new IP for the technology solutions company.
Marc Juliar, CEO of Paradigm Oil and Gas, said: “We are committed to acquiring new and proprietary technologies in the oil industry to advance our position as a leader in the energy sector. Over the last several weeks, our management team has evaluated a portfolio of leading-edge, technologies and we are pleased to announce we are in the final stages of negotiations with several parties that will set the core foundation of Paradigm Technology Solutions product and service offering.”
Brian Kennedy, chief financial officer of Paradigm Oil and Gas, said: “We see a separation of our high-growth technology and service business from our core property acquisition business. We believe this is a logical step in a long-term strategy that will serve all Paradigm stakeholders well.
“The technology and service company will be a 100% owned subsidiary of Paradigm Oil and Gas thereby building additional shareholder value. We believe the subsidiary will create two top-tier companies in their respective market segments.”