HOUSTON, July 27, 2016 /PRNewswire/ -- Flotek
Industries, Inc. (NYSE: FTK) today announced that it has entered
into definitive subscription agreements with accredited investors
with respect to the private placement of shares of common stock for
gross proceeds of approximately $30
million.
Private Placement
Flotek has entered into subscription agreements to sell an
aggregate of 2,455,839 shares of common stock at a price of
$12.52 per share. The closing
and funding of the private placement is scheduled to occur on or
about July 27, 2016.
Flotek will use the proceeds of the private placement to fund
the acquisition also announced this morning of International
Polymerics, Inc., to repay indebtedness under the Company's secured
credit facility and for general corporate purposes.
The shares of common stock have not been registered under the
Securities Act of 1933, as amended, and such securities may not be
offered or sold in the United
States absent a registration statement or exemption from
registration.
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. The Company also serves commercial and industrial
markets with a portfolio of diverse chemistry technologies. 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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) 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.