HOUSTON, July 29, 2016 /PRNewswire/ -- Flotek
Industries, Inc. announced today the closing of the acquisition of
International Polymerics, Inc. ("IPI"), and affiliates.
Flotek paid approximately $7.9
million in cash and issued approximately 248,000 shares of
common stock as consideration for the acquisition.
Founded in 2004, IPI is based in Dalton, Georgia with a distribution center in
Monahans, Texas and is one of the
largest domestic suppliers of natural polymers, including guar, to
the oil and gas industry. IPI was founded by Donald Bramblett, a leading expert of natural
polymers and the development of guar applications in the energy and
textile trades. IPI's proprietary guar processing systems have
provided high-quality guar powder and slurry to oil and gas clients
for nearly a decade in nearly every producing basin in the United States.
"We welcome Donald and his team to the Flotek family and look
forward to a long a mutually rewarding relationship as IPI becomes
an important part of Flotek's specialty chemistry portfolio," said
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer. "We believe this combination
should immediately lead to substantial new opportunities for
Flotek's energy chemistry segment."
"We are delighted for International Polymerics, Inc. to join the
Flotek family and look forward to working with Flotek to become an
important part of their efforts to enable and protect our clients'
reservoirs," said Donald Bramblett,
President of IPI. "We talked to a number of potential partners
during our process but Flotek was always our top choice. They not
only cared about our business but also cared about our people and
acknowledged the need to preserve our culture. We believe the
combination of Flotek's suite of customized, precision chemistries
with our core polymers and fluid delivery systems stand to become
the standard in oil and gas completion fluid systems. We are ready
to get to work as we prepare for the next acceleration in the
oilfield."
Donald Bramblett will remain the
President of IPI and will report to Josh
Snively, Executive Vice President of Flotek who oversees the
Company's chemistry manufacturing efforts.
The transaction officially closed on July
27.
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.