Flotek Industries Announces New Research & Innovation Leadership Center and Creation of FracMax Analytics, LLC for Applied Data Research and Analysis
HOUSTON, Oct. 1, 2014 /PRNewswire/ -- Flotek Industries, Inc. (FTK) this morning announced the signing of a multi-year lease to create a new Research & Innovation Leadership Center in Northwest Houston, doubling the size of the Company's chemistry research effort. In addition, the Company announced the creation of FracMax Analytics, LLC, a wholly-owned subsidiary of Flotek which will focus on applied research and data analysis generated by Flotek's new proprietary software application.
Research & Innovation Leadership Center
Flotek's new Research & Innovation Leadership Center will be a 50,000-plus square foot facility located in the Sam Houston Business Park in Northwest Houston. The facility, twice the size of Flotek's current research footprint, will combine the Company's applied research and conceptual innovation teams in their development of next-generation chemistries for the oilfield.
"The creation of Flotek's new Research & Innovation Leadership Center is the next chapter in Flotek's leadership as a global provider of customized chemistry solutions for the energy industry," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek Industries, Inc. "Our vision is to create a center for chemistry excellence that leverages our world-class scientific talent through state-of-the-art laboratories, provides our customers with an unparalleled tactile experience that literally creates solutions to drilling and production challenges as they watch and allows us to validate the efficacy of our chemistries and communicate the effectiveness with impact."
The Research & Innovation Leadership Center will have state-of-the-art applied and theoretical research laboratories, collaborative innovation centers and customer demonstration facilities that will provide for an unparalleled sensory customer experience. In addition, the proximity to Flotek's corporate headquarters will provide synergistic opportunities for Flotek's research and marketing teams to collaborate on strategy and sales opportunities in ways not currently available.
"Flotek's development of this futuristic Research & Innovation Leadership Center demonstrates how serious we are – throughout our entire organization – about our commitment to research and innovation in the oilfield," added Chisholm. "No other oilfield chemistry company, and very few oilfield service companies, have made the financial and human resource commitment to research like Flotek. We are proud of that commitment, believe it serves our stakeholders well and will provide even greater benefits into the future as Flotek continues to grow its global oilfield technology platform."
Architectural plans and permitting are underway with completion of the facility scheduled for late next year.
FracMax Analytics, Inc.
Flotek also announced this morning the creation of a new wholly-owned subsidiary, FracMax Analytics, LLC ("FracMax Analytics"), a research and data analysis concern that will focus on providing well- and basin-specific statistical analysis to a broad range of clients, from energy producers and service companies to energy investors.
FracMax Analytics will leverage Flotek's patent pending, proprietary software platform, FracMax™, in developing a series of industry reports on basin and well performance as well as customized data analysis and reports for clients looking for specific well performance analysis based on identified inputs. FracMax, based on an application developed for the Apple® iPad, uses publicly available data (from Frac Focus as well as state and federal regulators) to provide analysis of well productivity based on drilling and completion inputs. The analysis allows producers, service companies, investors and others to compare the relative efficacy of drilling and completion inputs and techniques and their impact on well productivity.
"We have been surprised by the interest in our FracMax data analysis tool from a wide variety of energy stakeholders, beyond its use as a tool to validate that our Complex nano-Fluid TM completion chemistries result in superior well productivity," said Chisholm. "We believe the creation of FracMax Analytics will allow us to address these requests while, at the same time, create new commercial opportunities for Flotek. The ability to provide independent well- and basin-specific data analysis to existing and prospective clients extends Flotek's reach and supports our vision of being a leading energy technology concern which will now include the ability to provide leading information technologies to our clients."
Flotek is in the process of developing the specific operational structure for FracMax Analytics, including the location of the permanent FracMax data and computing center, and expects to discuss the venture in more detail prior to year end.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. 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.