HOUSTON, June 30, 2021 /PRNewswire/ -- U.S. Well
Services (NASDAQ: USWS) ("USWS" or the "Company") today announced
it has committed to purchasing 60 Power Cubes from AmeriMex Motor
& Controls, LLC ("AmeriMex"), a subsidiary of Industrial
Service Solutions. Each patented Power Cube contains two
3,000 HHP electric motors, two variable frequency drives, a power
transformer and other components that combine to create a
self-contained power center. The Company expects to begin
taking delivery of the Power Cubes in the third quarter of
2021.
"We are proud to be able to provide the state-of-the-art Power
Cubes on which U.S. Well Services' Clean Fleet® Technology relies,"
said Wade Stockstill, CEO of
Industrial Service Solutions. "We look forward to continuing our
long-term partnership with U.S. Well Services and working with
their team to develop patented technology that is revolutionizing
the industry through better performance and reduced emissions."
"U.S. Well Services is pleased to continue our long-standing
partnership with AmeriMex as we build and deploy the next
generation of Clean Fleet® technology," commented Joel Broussard, the Company's President and
CEO. "We have used AmeriMex electric motors on our Clean
Fleets since we deployed the industry's first all-electric
fracturing fleet in 2014. These Power Cubes represent
innovative technology that enables us to maintain our competitive
advantage and continue to deliver best-in-class results for our
customers."
About U.S. Well Services, Inc.
U.S. Well
Services, Inc. is a leading provider of hydraulic fracturing
services and a market leader in electric fracture stimulation. The
Company's patented electric frac technology provides one of the
first fully electric, mobile well stimulation systems powered by
locally-supplied natural gas, including field gas sourced directly
from the wellhead. The Company's electric frac technology
dramatically decreases emissions and sound pollution while
generating exceptional operational efficiencies, including
significant customer fuel cost savings versus conventional diesel
fleets. For more information visit: www.uswellservices.com.
Information on our website is not part of this release.
Forward-Looking Statements
The information above
includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical facts, included herein
concerning, among other things, the private placement and the use
of proceeds and the expected impact of the transactions on the
Company's financial position and prospects, if at all, are
forward-looking statements. These forward-looking statements may be
identified by their use of terms and phrases such as "may,"
"expect," "believe," "intend," "estimate," "project," "plan,"
"may," "anticipate," "will," "should," "could," and similar terms
and phrases. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve certain assumptions, risks and uncertainties. These
forward-looking statements represent the Company's current
expectations or beliefs concerning future events, and it is
possible that the results described in this release will not be
achieved. These forward-looking statements are subject to certain
risks, including the ability and willingness of the Organization of
Petroleum Exporting Countries ("OPEC") and non–OPEC countries, such
as Russia, to set and maintain
production levels and prices for oil, and the impact of epidemics,
pandemics or other major public health issues, such as the COVID–19
coronavirus, as well as the other risks, uncertainties and
assumptions identified in this release or as disclosed from time to
time in the Company's filings with the Securities and Exchange
Commission (the "SEC"). Factors that could cause actual results to
differ from the Company's expectations include changes in market
conditions and other factors described in the Company's public
disclosures and filings with the SEC, including those described
under "Risk Factors" in its annual report on Form 10-K filed on
March 11, 2021 and in our quarterly
reports on Form 10-Q. As a result of these factors, actual results
may differ materially from those indicated or implied by
forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for us to predict all such factors.
Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com
Dennard Lascar Investor
Relations
Lisa Elliott
(713) 529.6600
USWS@dennardlascar.com
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SOURCE U.S. Well Services, Inc.