Eco-Stim Energy Solutions Announces Results of Annual Stockholder Meeting; Debt Conversion Approved Resulting In Debt Free Ba...
June 15 2017 - 6:35PM
Marketwired
Eco-Stim Energy Solutions Announces Results of Annual
Stockholder Meeting; Debt Conversion Approved Resulting In Debt
Free Balance Sheet
HOUSTON, TX and NEUQUEN CITY, ARGENTINA-(Marketwired - Jun 15,
2017) - Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim"
or the "Company") announced today following its annual meeting of
stockholders that (1) the nominees for election of Directors have
all been elected; (2) the Company's named executive officers'
compensation was approved, on an advisory basis; (3) shareholders
approved the conversion of all the Company's current outstanding
debt into common stock, which will result in the issuance of up to
29,538,786 shares of common stock (prior to giving effect to a
contemplated reverse stock split); (4) the proposed amendment to
the 2015 stock incentive plan was approved; (5) the proposed
increase in the number of shares available under the 2015 stock
incentive plan was approved; (6) the appointment of Whitley Penn
LLP as the Company's independent registered audit firm for 2017 was
approved; and (7) the stockholders approved a reverse stock split,
to be effected at the discretion of the Board of the Directors of
the Company, that would reduce the number of outstanding shares of
outstanding Common Stock of the Company at a ratio of one-for-four
(1:4) and also reduce the number of authorized shares of Common
Stock by a corresponding proportion. The timing for implementation
of the Reverse Stock Split, if at all, will be determined by the
Company's Board of Directors based upon its evaluation as to when
such action would be most advantageous to the Company and its
stockholders and will likely be decided before the end of July
2017. The shares to be issued in exchange for the Company's
outstanding debt are not registered under the Securities Act of
1933, as amended, but the holders of those shares may require the
Company to register those shares beginning as of July 3, 2017.
J. Chris Boswell, Co-Founder, President and CEO of EcoStim
Energy Solutions commented, "I want to thank our shareholders for
their participation in our annual meeting, as we had approximately
98% of actual ballots cast voting to approve our Board's
recommended actions. With the elimination of over $41 million of
debt, the Company now possesses a debt free balance sheet to pursue
growth initiatives in our two uniquely complementary markets. I
also want to thank shareholders for their support through this
challenging period in the energy industry. I feel confident that
the Company is now on a solid growth path in both markets and we
look forward to executing on our 2017 goals and future strategic
initiatives."
About EcoStim Energy Solutions, Inc.
Eco-Stim Energy Solutions is an environmentally focused oilfield
service and technology Company providing well stimulation and
completion services and proprietary field management technologies
to oil and gas producers. EcoStim's proprietary methodology and
technology offers the potential in high cost regions to decrease
the number of stages stimulated in shale plays through a unique
process that predicts high probability production zones while
confirming those production zones using the latest generation
down-hole diagnostic tools. In addition, EcoStim offers its clients
completion techniques that can dramatically reduce horsepower
requirements, emissions and surface footprint. EcoStim seeks to
deliver well completion services with better technology, better
ecology and significantly improved economics for unconventional oil
and gas producers worldwide.
Forward-Looking Statements:
The foregoing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," "plan," "intend,"
"foresee," "should," "would," "could" or other similar expressions
are intended to identify forward-looking statements, which are
generally not historical in nature. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the Company based on management's
experience, expectations and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate.
Forward-looking statements are not guarantees of performance.
Although the Company believes the expectations reflected in its
forward-looking statements are reasonable and are based on
reasonable assumptions, no assurance can be given that these
assumptions are accurate or that any of these expectations will be
achieved (in full or at all) or will prove to have been correct.
For additional information regarding known material factors that
could cause our actual results to differ from our projected
results, please see our filings with SEC, including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Contact: Jeffrey Freedman Investor Relations
investorrelations@ecostim-es.com 281-531-7200