HOUSTON, June 4, 2018 /PRNewswire/ -- Flotek
Industries, Inc. (NYSE: FTK) welcomes David
Nierenberg to its board of directors. A graduate of
Yale College and Yale Law School,
Nierenberg is a lawyer, strategic management consultant, corporate
director, investor, venture capitalist and philanthropist.
He is Founder and President of Nierenberg Investment Management
Company (NIMCO) of Camas,
Washington, which manages The D3 Family Funds.
Focused on long-term capital gain, principally through investment
in a concentrated portfolio of undervalued public equities, the
fund has held shares of Flotek stock since April 2015 and currently owns 1.625 million
shares of the Company's stock.
Nierenberg is a former partner for consulting firm Bain &
Company and has significant experience in corporate governance. He
serves on the Washington State
Investment Board, which oversees $120
billion of public employee retirement and other funds.
Additionally, he chairs The Ira Millstein Center for Global Markets
and Corporate Ownership at Columbia Law School, a world leader in
corporate governance. Previously, he was Vice Chair of the
Millstein Center for Corporate Governance at Yale. David chairs the Research Advisory
Committee for Glass-Lewis, the second largest global proxy
advisor.
John W. Chisholm, Flotek's
Chairman, President and Chief Executive Officer commented, "David
brings tremendous experience and breadth to the Flotek board. Last
quarter, we highlighted our intent to reimagine the board and
identify candidates who will add long-term value to Flotek's
strategic plan, with an increased focus on independence, diversity
and enhanced governance. Today's appointment is meaningful progress
to fulfill that commitment, and we are extremely pleased to welcome
David to our board."
Nierenberg's past energy investments have spanned more than two
decades and have included Superior Energy, Denbury Resources and
oilfield equipment company NATCO Group, which was acquired by
Cameron International Corp.
He currently serves as a director of Rosetta Stone (RST) and Riverview Bancorp
(RVSB).
"Over the past several years, I have worked with John Chisholm, the Flotek leadership team and
members of the board. Unquestionably, this is a strong team with
tremendous upside potential. It is a pleasure and privilege to join
this team to benefit all stakeholders," said Nierenberg.
Nierenberg joins the board as Kenneth T.
Hern, age 81, resigns. Mr. Hern was a director since 2009,
serving as the lead director, as well as on the Corporate
Governance and Nominating Committee and on the Audit
Committee.
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.