HOUSTON, Aug. 22, 2017 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced that it has received a letter from the staff of the
Securities and Exchange Commission (the "SEC") that the
fact-finding inquiry by the SEC related to the Company's FracMax®
software and the efficacy of CnF® has been concluded and that the
staff does not intend to recommend any enforcement action by the
SEC. The SEC provided this notice pursuant to the guidelines set
out in the final paragraph of Securities Act Release No. 5310.
The Company had previously created a special committee of
independent directors and retained outside consultants to direct
the review of potential concerns raised regarding the previously
disclosed matters. The findings of the outside review process
(which have been previously disclosed) were consistent with the
recommendation of no action against Flotek Industries.
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer commented, "We are very
pleased with the conclusion of the SEC's inquiry. We have the
utmost respect for the SEC and its investigative process, and we
cooperated fully with the SEC during the entire course of its
inquiry. Flotek remains committed to conducting operations and
creating stockholder value transparently and in compliance with all
applicable laws and regulations."
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.
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SOURCE Flotek Industries, Inc.