CHIPS Energy Technology, Inc. is a privately held holding company recently formed to take advantage of the dependence of exploration and production companies on the energy service sector by merging and recapitalizing established service companies into CHIPS and enhancing the pro forma combined value through revenue enhancements and the elimination of redundant costs. The corporation was formed to invest in or acquire interests and assets in various industries, principally in the areas of oilfield equipment manufacturing, service and parts distribution to support a worldwide customer base