HOUSTON, Oct. 5, 2017 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced executive leadership changes and an increase to its
borrowing capacity under its credit facility as filed in a form
8-K, Tuesday with the Securities and Exchange Commission
("SEC").
Josh Snively, EVP and President
Florida Chemical will act as the
Company's head of operations and will oversee operations of the
Energy Chemistry Technologies ("ECT") segment and the Consumer and
Industrial Chemistry Technologies ("CICT") segment. This will
lead to greater company-wide synergies and continue the path of
focusing Flotek on increasing cash flows through streamlining
processes. Mr. Snively joined Florida Chemical in 1995 and
has well over 20 years of experience in managing chemistry
manufacturing processes and facilities. He graduated with a degree
in Finance and Citrus Management from Florida
Southern College. Mr. Snively currently serves on the board
of CenterState Bank and is acting chairman of the Bank's loan
committee. Mr. Snively's full bio can be found at
www.flotekind.com.
James Silas will become part of
the executive leadership team and report directly to John Chisholm, CEO and Chairman. This will allow
greater streamlining of product development and further accelerate
go-to-market opportunities of products. Dr. Silas has over 15 years
of physics and chemistry experience with surfactants and polymers.
Dr. Silas was an assistant professor of Chemical Engineering at
Texas A&M University before joining
Flotek and holds a B.S.E. in Chemical Engineering from Princeton University, a Ph.D. in Chemical
Engineering from University of
Delaware, and was a NIH Ruth L Kirschstein Postdoctoral
Fellow at University of Pennsylvania in
Bioengineering. Dr. Silas' full bio can be found at
www.flotekind.com.
As a part of these leadership changes, Robert Bodnar, will no longer serve as EVP,
Performance and Transformation Officer.
Additionally, in a form 8-K filed with the SEC Tuesday, Flotek
has announced it has amended its credit facility, increasing the
capacity from $65 million to $75
million and extending the term to May, 2022. Detailed
changes to the restrictions and important information regarding
this facility can be found in form 8-K which is also available on
the Company's website and through the SEC website.
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer commented, "We thank
Robert Bodnar for playing an
important role in the transformation of Flotek. Moving forward,
Josh will play an expanding role in the organization's
cross-segment integration and G&A reduction strategy which we
look forward to providing more clarity into on the Company's
upcoming earnings conference call. Dr. Silas has been pivotal in
the build out of our Global Research and Innovation Center and will
continue to help shape the future of Flotek. His inclusion into our
executive leadership team should provide accelerated product
introduction and customer adoption lifecycles. Additionally, our
client base continues to expand its reliance on our industry
leading Research capabilities in the application of chemistry to
their reservoirs, his increased responsibilities come at the right
time to address this growing focus.
"We believe the ability for Flotek to increase its borrowing
capacity further allows for greater flexibility to fund growth and
opportunities to increase shareholder value. We continue to
appreciate the long-standing relationship with our lender and
ability to grow together."
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.
IR Inquiries, contact:
Matthew
Marietta
Senior Vice President
Corporate Development, Investor Relations
E: MMarietta@flotekind.com
P: (713) 726-5348
Media Inquiries, contact:
Danielle Allen
Senior Vice President
Global Communications & Technology
Commercialization
E: DAllen@flotekind.com
P: (713) 726-5322
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SOURCE Flotek Industries, Inc.