SOURCE: HII Technologies, Inc.

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July 15, 2015 18:37 ET

HII Technologies, Inc. Announces Notice of Default Under Its Senior Loan Facility

HOUSTON, TX--(Marketwired - July 15, 2015) - HII Technologies, Inc. (OTCQB: HIIT) ("HII Technologies" or the "Company"), an oilfield services company headquartered in Houston, Texas, received notice from Heartland Bank that it is in default under the loan agreements for its senior secured credit facility, which consists of a $12 million 3-year term loan and a $6.6 million account purchase agreement. This default could lead to a mandated acceleration of repayment of the $11.46 million of indebtedness currently outstanding under this facility, of which approximately $9.2 million is outstanding under the term loan and approximately $2.26 million is outstanding under the account purchase agreement, net of the $1.09 million held in reserve.

While Heartland Bank has not moved to enforce the acceleration of repayment of the Company's indebtedness at this time, it has suspended any obligation to advance additional funds for the purchase of receivables under the account purchase agreement. HII Technologies and Heartland Bank are engaged in discussions to address the default notices and underlying loans.

HII Technologies will provide an update as more information becomes available.

For more information, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on the date hereof.

About HII Technologies, Inc.

HII Technologies, Inc. is a Houston, Texas based, oilfield services company focused on frac water management, including water transfer and produced water flowback services, in the Southwest United States. The Company also provides emerging water-related Clean Tech cost-saving solutions to the industry. Read more at www.HIITinc.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements as to matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on HII Technology, Inc. ("HII")'s current expectations, estimates and projections about HII, its industry, its management's beliefs and certain assumptions made by management, and include statements regarding estimated capital expenditures, future operational and activity expectations, international growth, and anticipated financial performance in 2015. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these "forward-looking statements" are identified by words such as "expects," "believes," "anticipates" and similar phrases.

Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: risks that HII will be unable to achieve its financial, capital expenditure and operational projections, including quarterly and annual projections of revenue and/or operating income and risks that HII's expectations regarding future activity levels, customer demand, and pricing stability may not materialize (whether for HII as a whole or for geographic regions and/or business segments individually); risks that fundamentals in the U.S. oil and gas markets may not yield anticipated future growth in HII's businesses, or could further deteriorate or worsen from the recent market declines, and/or that HII could experience further unexpected declines in activity and demand for its hydraulic frac related water transfer business, its safety consultancy business or its generator and related equipment rental service businesses; risks relating to HII's ability to implement technological developments and enhancements; risks relating to compliance with environmental, health and safety laws and regulations, as well as actions by governmental and regulatory authorities; risks that HII may be unable to achieve the benefits expected from acquisition and disposition transactions, and risks associated with integration of the acquired operations into HII's operations; risks, in responding to changing or declining market conditions, that HII may not be able to reduce, and could even experience increases in, the costs of labor, fuel, equipment and supplies employed and used in HII's businesses; risks relating to changes in the demand for or the price of oil and natural gas; risks that HII may not be able to execute its capital expenditure program and/or that any such capital expenditure investments, if made, will not generate adequate returns; and other risks affecting HII's ability to maintain or improve operations, including its ability to maintain prices for services under market pricing pressures, weather risks, and the impact of potential increases in general and administrative expenses; risks that HII may not be able to meet its financial obligations including servicing or repayment of its debts and other operating expenses; risks that HII may not be able to reach an agreement with its primary lender with regard to the recent notice of default.

Because such statements involve risks and uncertainties, many of which are outside of HII's control, HII's actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect HII's business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, HII also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that HII files periodically with the Securities and Exchange Commission.

Contact Information

  • Investor Relations Contact

    Gary Russell
    HII Technologies, Inc.
    281-225-3384