Superior Drilling Products, Inc. receives notice from NYSE American of continued non-compliance and acceptance of the plan of compliance for continued listing

VERNAL, Utah – (BUSINESS WIRE) – Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technology, today announced that the company has received a notice from NYSE American LLC (the “NYSE American”) said it failed to meet Section 1003 (a) (ii) compliance standards because equity fell below $ 4.0 million and for the last five fiscal years ended December ended with losses reported 31, 2020. Equity as of March 31, 2021 was approximately $ 3.3 million.

SDP was granted a planning period until May 18, 2022 to restore compliance

SDP’s original plan to regain compliance was approved by NYSE American on January 28, 2021. Subsequently, on May 21, 2021, SDP received NYSE American approval for the first quarterly update of their plan.

The company will continue to trade under the symbol “SDPI” on the NYSE American under this extension of the planning period. SDP is regularly reviewed, including quarterly monitoring, to ensure compliance with the plan.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, state-of-the-art drilling tool technology company providing cost-effective solutions that increase production efficiency for the oil and gas drilling industry. The company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well conditioning tool and the patented Strider ™ oscillation system technology. In addition, SDP is a manufacturer and remanufacturer of PDC drills (Polycrystalline Diamond Compact) for a leading oil field service company. SDP operates a state-of-the-art drilling tool production facility where it manufactures its solutions for the drilling industry as well as customer-specific products. The company’s growth strategy is to leverage its expertise in drilling tool technology and innovative precision machining to expand its product offering and solutions for the oil and gas industry.

Further information about the company can be found at: www.sdpi.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, except for historical facts, contained in this press release including, without limitation, the achievement of the objective of the Ongoing Listing Plan presented to NYSE American, the continued business impact of COVID-19, the strategy of the Company, future operations, success in developing future tools, the effectiveness of the company in executing its business strategy and plans, financial condition, estimated revenues and losses, projected costs, prospects, plans and goals of management, and the ability to outperform are forward-looking Statement. The use of the words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, “predict”, “potential”, “project”, “forecast” “,” Should “or” plan “and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements reflect the company’s beliefs and expectations and are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include the duration of the COVID-19 pandemic and the associated effects on the oil and natural gas industry, the effectiveness of the expansion success in the Middle East and options for market channels in North America Postponement of the commercialization of the Strider technology, the The success of the company’s business strategy and growth prospects; the market success of the company’s specialty instruments, the effectiveness of its sales efforts, cash flow and liquidity; Financial projections and actual operating results; Amount, type and time of investments; the availability and terms of capital; Competition and government regulations; and general economic conditions. These and other factors could adversely affect the results and financial effects of the company’s plans described and described herein. The company assumes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this document.