HOUSTON, June 4, 2015 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company') (NYSE: FTK - News)
today announced that the Company's Board of Directors has approved
a new program authorizing the repurchase of up to $50 million of Flotek common stock. Combined with
the existing share repurchase program, which is ongoing, the Board
has authorized the repurchase of up to $75
million of Flotek common stock.
Repurchases under the program will be made in open market or
privately negotiated transactions in compliance with Securities and
Exchange Commission Rule 10b-18, subject to market conditions,
applicable legal requirements, lending requirements and other
relevant factors. This share repurchase plan does not obligate
Flotek to acquire any particular amount of common stock, and it may
be suspended at any time at the Company's discretion. As of
April 16, 2015, the company had
approximately 53.5 million shares of Common Stock outstanding.
Flotek's Board had previously authorized a share repurchase
program under which the remaining authorized amount is
approximately $8.0 million. The
Company intends to complete this repurchase program before
repurchasing shares under the new program.
"We remain committed to exploring every avenue to maximize value
for our shareholders," said John
Chisholm, Flotek's Chairman, President and Chief Executive
Officer. "The expansion of our share repurchase program reaffirms
the availability of this important tool in our box of options to
optimize value. We believe there are a number of opportunities to
continue to build long-term value in the current market
environment, including the opportunity to invest in ourselves. When
appropriate, this additional repurchase program will allow us to do
just that."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of
innovative oilfield technologies, including specialty chemicals and
down-hole drilling and production equipment. It serves major and
independent companies in the domestic and international oilfield
service industry. Flotek Industries, Inc. is a publicly traded
company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at
www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects. Words
such as expects, anticipates, intends, plans, believes, seeks,
estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this
Press Release.
Although forward-looking statements in this Press Release
reflect the good faith judgment of management, such statements can
only be based on facts and factors currently known to management.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, and actual results and outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Factors that could cause or contribute
to such differences in results and outcomes include, but are not
limited to, demand for oil and natural gas drilling services in the
areas and markets in which the Company operates, competition,
obsolescence of products and services, the Company's ability to
obtain financing to support its operations, environmental and other
casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may
impact the Company are set forth in the Company's most recent
filings on Form 10-K (including without limitation in the "Risk
Factors" Section), and in the Company's other SEC filings and
publicly available documents. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this Press Release. The Company undertakes no
obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of this Press Release.
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SOURCE Flotek Industries, Inc.