Flotek Industries, Inc. Announces Leadership Changes, Increased Capacity On Credit Facility
HOUSTON, October 5, 2017 -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced executive leadership changes and an increase to its borrowing capacity under its credit facility as filed in a form 8-K, Tuesday with the Securities and Exchange Commission (“SEC”).
Josh Snively, EVP and President Florida Chemical will act as the Company’s head of operations and will oversee operations of the Energy Chemistry Technologies (“ECT”) segment and the Consumer and Industrial Chemistry Technologies (“CICT”) segment. This will lead to greater company-wide synergies and continue the path of focusing Flotek on increasing cash flows through streamlining processes. Mr. Snively joined Florida Chemical in 1995 and has well over 20 years of experience in managing chemistry manufacturing processes and facilities. He graduated with a degree in Finance and Citrus Management from Florida Southern College. Mr. Snively currently serves on the board of CenterState Bank and is acting chairman of the Bank’s loan committee. Mr. Snively’s full bio can be found at www.flotekind.com.
James Silas will become part of the executive leadership team and report directly to John Chisholm, CEO and Chairman. This will allow greater streamlining of product development and further accelerate go-to-market opportunities of products. Dr. Silas has over 15 years of physics and chemistry experience with surfactants and polymers. Dr. Silas was an assistant professor of Chemical Engineering at Texas A&M University before joining Flotek and holds a B.S.E. in Chemical Engineering from Princeton University, a Ph.D. in Chemical Engineering from University of Delaware, and was a NIH Ruth L Kirschstein Postdoctoral Fellow at University of Pennsylvania in Bioengineering. Dr. Silas’ full bio can be found at www.flotekind.com.
As a part of these leadership changes, Robert Bodnar, will no longer serve as EVP, Performance and Transformation Officer.
Additionally, in a form 8-K filed with the SEC Tuesday, Flotek has announced it has amended its credit facility, increasing the capacity from $65 million to $75 million and extending the term to May, 2022. Detailed changes to the restrictions and important information regarding this facility can be found in form 8-K which is also available on the Company’s website and through the SEC website.
John Chisholm, Flotek’s Chairman, President and Chief Executive Officer commented, “We thank Robert Bodnar for playing an important role in the transformation of Flotek. Moving forward, Josh will play an expanding role in the organization’s cross-segment integration and G&A reduction strategy which we look forward to providing more clarity into on the Company’s upcoming earnings conference call. Dr. Silas has been pivotal in the build out of our Global Research and Innovation Center and will continue to help shape the future of Flotek. His inclusion into our executive leadership team should provide accelerated product introduction and customer adoption lifecycles. Additionally, our client base continues to expand its reliance on our industry leading Research capabilities in the application of chemistry to their reservoirs, his increased responsibilities come at the right time to address this growing focus.
“We believe the ability for Flotek to increase its borrowing capacity further allows for greater flexibility to fund growth and opportunities to increase shareholder value. We continue to appreciate the long-standing relationship with our lender and ability to grow together.”
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.
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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