IP Technology Exchange, Inc. (IP TechEx), a business intelligence services company, and Avalon Oil and Gas, Inc. have signed a technology scouting agreement.
Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas, Inc., said, "We are very pleased to form this alliance with IP TechEx. We believe it will provide promising new technology acquisition opportunities for us. Our alliance with IP TechEx will enable us to develop a portfolio of new technologies within the oil and gas industry to reduce production costs and increase the recoverability of oil and gas resources."
"IP TechEx looks forward to working with Avalon Oil and Gas to identify potential technology acquisition and licensing opportunities." commented Gassen A. Gutierrez., Chief Operating Officer of IP TechEx. "We believe Avalon's expertise in the oil and gas industry and our ability to identify technologies that have applications in this industry to increase shareholder value."