HOUSTON, June 22, 2020 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) is pleased
to announce TengBeng Koid will be joining the Company as President,
Global Business. In this role, he will oversee the Company's
domestic and international business development strategy for both
divisions of Flotek – Energy Chemistry Technologies and its newly
established Analysis & Data division, through the recent
acquisition of JP3. He will report directly to John W. Gibson, Jr., Flotek's Chairman,
President, and Chief Executive Officer.
Koid is an experienced executive in the oil and gas industry
with more than 30 years' experience. Most recently, he served as
President of Energy Solutions at Emerson Automation Solutions. He
assumed this role in 2015 after Emerson acquired Energy Solutions
International (ESI), where he served as its Chief Executive
Officer. ESI is the global leader in software applications for the
midstream oil and gas industry.
Prior to joining Energy Solutions International, Koid served as
president, international, for Seismic Micro Technology (SMT), Inc.,
the market leader in Windows-based geoscience software. When the
company was sold to IHS, Inc., he became a vice president at IHS,
the leading provider of information in the global market and
economy. Before joining SMT, Koid served as the executive vice
president and chief operating officer at ION Geophysical
Corporation. Prior to ION, Koid worked for Landmark Graphics
Corporation, a software and services subsidiary of Halliburton
Company, in various roles including vice president/general manager
of Asia Pacific Operations, vice president for Global Business
Development and vice president for Asset Performance Consulting.
Koid later moved to Halliburton where he was vice president with
accountabilities over national oil companies. Before Landmark, Koid
was a senior manager at IBM specializing in the oil and gas
industry. Koid has an executive MBA from Bath University and
graduated with honors from the University Science Malaysia with a
bachelor's degree in computer science.
Koid currently serves on the board of irth Solutions, the
leading provider of cloud-based solutions that help energy and
utilities companies manage and reduce risk, decreases costs,
increase revenue opportunities and ensure regulatory
compliance.
"I'm incredibly excited to welcome Koid to Flotek to help build
our next chapter of growth as we seek to accelerate adoption of our
data and analytics platform, through our recent acquisition of JP3.
He is deeply experienced in building enterprise-wide software
solutions for energy companies across the full hydrocarbon stream,"
said Gibson. "I have known Koid for more than 20 years and have the
highest regard for his leadership and work ethic, as well as his
track-record of taking a 'no-excuses', results-driven approach to
revenue growth. I value his strong integrity and his objectivity,
with his proven ability to excel through both strong and
challenging markets. In every organization he has served, he has
been a transformative leader, who has accelerated growth by
building and implementing business strategies and teams that
deliver significant impacts to customers."
"JP3 has experienced significant growth of 58 percent over the
past four years, and now as a part of the Flotek, our goal is to
build upon this growth at an even faster pace. Koid has a strong
history of driving rapid and profitable growth, building upon his
broad network of global executive-level relationships. He is an
impressive leader who is both technically and financially savvy. In
my four decades of investment experience, he is one of the greatest
revenue drivers I have ever seen," said Flotek Lead Director
David Nierenberg.
"This is an exciting time for Flotek as it expands its business
into data and analytics with the recent acquisition of JP3. I
look forward to leveraging my experiences in digital transformation
of the upstream and midstream oil and gas businesses to help drive
Flotek's growth," said Koid.
As an inducement to join the Company and to closely align
interests with the Company's shareholders, Koid has been granted
200,000 restricted stock awards (RSAs) that will vest over three
years and performance-based options representing 300,000 shares of
the Company. A portion of these performance-based shares will vest
based upon the Company's Total Shareholder Return, relative to its
Peer Group, as defined by the 2020 Performance Unit Plan of the
Company; and the other portion will vest based upon 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
$7.00 per share for a 20 consecutive
trading-day period. The options have an exercise price equal to the
closing price of the Company's shares on the date of grant.
About Flotek
Flotek empowers the energy industry to maximize the value of
their hydrocarbon streams and improve return on invested capital
through data-driven platforms and chemistry technologies. Flotek
serves downstream, midstream and upstream customers, both domestic
and international. Flotek 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.
About JP3
Headquartered in Austin, Texas,
JP3 Measurement was founded in 2005 and provides the industry's
only field deployable, real time, in-line optical analyzer for both
liquid and natural gas measurement. With analysis points in
every major basin across North
America, JP3 is focused on improving the quality of
hydrocarbon measurement and process control for the oil & gas
industry. For more information, please visit JP3's website at
http://www.jp3.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 will, continue, 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.
Further information about the risks and uncertainties that
may impact the Company are set forth in the Company's most recent
filing with the Securities and Exchange Commission on Form 10-K
(including, without limitation, in the "Risk Factors" section
thereof), 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.