WILLOW
PARK, Texas, Dec. 5, 2022
/PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac" or
the "Company") today announced that it has entered into a
definitive agreement to acquire the Eagle Ford sand mining
operations of Monarch Silica, LLC ("Monarch"). The
transaction is expected to close by the end of 2022.
Matt Wilks, ProFrac's Executive
Chairman, commented, "We are pleased to add the Monarch mine to the
growing portfolio of in-basin sand mines we operate through Alpine
Silica. This transaction further demonstrates ProFrac's
commitment to its vertical integration strategy, providing the
Company with access to high-quality, local proppant in the Eagle
Ford, where we currently operate 8 active fleets. With
Monarch's production capacity expected to expand to nearly 4
million tons per year by Q1 2023, ProFrac will be well positioned
to bundle internally sourced proppant across our active fleets in
the region."
Winston & Strawn is acting as ProFrac's legal counsel on the
transaction. Piper Sandler
& Co. served as exclusive financial advisor to Monarch, and
Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C. is
serving as Monarch's legal counsel.
About ProFrac Holding
Corp.
ProFrac Holding Corp. is a growth-oriented, vertically
integrated and innovation-driven energy services company providing
hydraulic fracturing, completion services and other complementary
products and services to leading upstream oil and gas companies
engaged in the exploration and production ("E&P") of North
American unconventional oil and natural gas resources. Founded in
2016, the Company was built to be the go-to service provider for
E&P companies' most demanding hydraulic fracturing needs.
ProFrac is focused on employing new technologies to significantly
reduce "greenhouse gas" emissions and increase efficiency in what
has historically been an emissions-intensive component of the
unconventional E&P development process. For more information,
please visit the Company's website,
https://www.pfholdingscorp.com.
Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this press release may be considered
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. In some cases, the reader can identify forward-looking
statements by words such as "may," "should," "would," "expect,"
"intend," "will," "estimate," "anticipate," "believe," "predict,"
or similar words. Forward-looking statements relate to future
events or the Company's future financial or operating performance.
These forward-looking statements include, among other things,
statements regarding: the expected timing and anticipated benefits
of the Monarch acquisition, including benefits associated with
scaling the Company's vertically integrated business model and
increasing its sand mining capabilities; and the Company's
estimates of the production capacity of the Company's sand mining
operations in future periods. Such forward-looking statements are
based upon assumptions made by the Company as of the date hereof
and are subject to risks, uncertainties, and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to, the risk that the
proposed transaction may not be completed in a timely manner or at
all, the ability to effectively scale the Company's operations and
integrate acquired assets and personnel into the Company's existing
business model, the Company's ability to execute its business
strategy and plans for growth, including with respect to the
completion of the Monarch acquisition, the failure to
operationalize the acquired sand mining operations of Monarch in a
timely manner or at all; risks associated with the Company's
ability to finance the Monarch acquisition on favorable terms or at
all; industry conditions, including fluctuations in supply, demand
and prices for the Company's products and services; global and
regional economic and financial conditions; and other risks and
uncertainties set forth in the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in the
Company's filings with the Securities and Exchange Commission
("SEC"), which are available on the SEC's website at www.sec.gov.
There may be additional risks about which the Company is
presently unaware or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. The reader
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. The Company
anticipates that subsequent events and developments will cause its
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, it expressly disclaims any duty to update these
forward-looking statements, except as otherwise required by
law.
Contacts:
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ProFrac Holding
Corp.
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Lance Turner – Chief
Financial Officer
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investors@profrac.com
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|
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Dennard Lascar Investor
Relations
|
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Ken Dennard / Rick
Black
|
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ACDC@dennardlascar.com
|
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SOURCE ProFrac Holding Corp.