HOUSTON, Jan. 6, 2020 /PRNewswire/ -- Flotek Industries,
Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that
John W. Gibson, Jr. has assumed the
positions of Chairman of the Board of Directors ("Chairman") and
Chief Executive Officer ("CEO") and President of the Company as of
today. David Nierenberg, who has
been Flotek's Chairman of the Board of Directors ("Board") since
May 2019, remains an independent
director on the Company's Board, and John
Chisholm, Flotek's former Chief Executive Officer, has
stepped down from the Board. As previously announced, Mr. Gibson,
who has extensive industry leadership experience with Tudor,
Pickering, Holt & Company, Tervita Corporation, Paradigm
Geophysical, Landmark Graphics Corporation, Halliburton Company and
Chevron Corporation, was identified as a CEO candidate after an
extensive search by the Company.
Mr. Gibson and the Company entered into an employment agreement
on December 21, 2019, providing for
Mr. Gibson to become Chairman, CEO and President. As an inducement
for Mr. Gibson to join the Company and to closely align his
interests with the interests of the Company's shareholders, Mr.
Gibson has been granted 570,000 restricted stock units that will
vest over five years, time-vesting options to purchase up to
1,000,000 shares of the Company's common stock that will vest over
five years, and performance-vesting options to purchase up to
2,000,000 shares of common stock that will vest based on
achievement of the closing stock price for the Company's common
stock for a 20 consecutive trading day period, with full vesting at
closing prices at or above $7.20 per
share for a 20 consecutive trading day period. The options have an
exercise price of $1.93 per share. In
addition, Mr. Gibson has the right, for 90 days, to purchase up to
500,000 shares of common stock at the then-current market price.
The employment agreement and related equity grant agreements were
filed with the Securities and Exchange Commission on a Form 8-K on
December 27, 2019.
Mr. Gibson commented, "I join Flotek today with gratitude,
excitement and focused commitment as we embark on building the
Company's next chapter. I look forward to engaging with the
Company's diverse stakeholders to gain a broad perspective of
current and future opportunities to leverage Flotek's chemistry
technologies to enhance hydrocarbon recovery while reducing the
total cost of ownership for E&Ps. I am eager to deploy Flotek's
vast strengths to create value for all the Company's shareholders,
customers, employees and industry partners and look forward to
leading the Company to build a successful future together."
Mr. Nierenberg concluded, "We are delighted that John Gibson is our new CEO at Flotek. He
has been quite successful in many different environments,
positions, and types of companies, all of which are relevant to
Flotek. We are fortunate to have him, and we look forward to
working together for the benefit of all of our stakeholders."
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive, reservoir-centric
chemistry technologies to oil and gas clients designed to address
every challenge in the lifecycle of the reservoir and maximize
recovery in both new and mature fields. Flotek's inspired chemists
draw from the power of bio-derived solvents to deliver solutions
that enhance energy production. 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 website 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.