HOUSTON, May 24, 2017 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) has closed
on the sales of its Drilling Technologies and Production
Technologies segments. As previously disclosed, the Drilling
Technologies division has been sold to National Oilwell Varco, L.P.
("NOV") for final consideration of $17
million, subject to normal working capital adjustments.
The Production Technologies segment has been acquired for total
consideration of $2.9 million by an
undisclosed buyer, as of May 23,
2017. Flotek's current pro-forma debt is approximately
$27 million, reduced from a balance
of $49.7 million at first quarter's
end.
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer commented, "We would like to
thank our employees, the acquiring Companies, our business partners
and all those who worked to arrive at this point in Flotek's
transformation. Our liquidity and cash flow profile have materially
improved, allowing financial flexibility to reduce outstanding
debt, but also provide Flotek with the ability to execute on growth
opportunities. Given ongoing initiatives to further reduce overhead
costs and our positioning as a returns-focused and streamlined,
chemistry-technology Company, I am confident that we have never
been in as strong a position as we are today."
About Flotek Industries, Inc.
Flotek develops and
delivers prescriptive chemistry-based technology, including
specialty chemicals, to clients in the energy, consumer industrials
and food & beverage industries. Flotek's inspired chemists draw
from the power of bio-derived solvents to deliver solutions that
enhance energy production, cleaning products, foods & beverages
and fragrances. In the oil and gas sector, Flotek serves major and
independent energy producers and oilfield service companies, both
domestic and international. 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.