HOUSTON, July 6, 2023
/PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company")
(NYSE: FTK) announced that the Company has adopted the following
amendments to the Flotek Industries, Inc. 2012 Employee Stock
Purchase Plan (as amended, the "Plan"):
- Removed the prior prohibition on executive officers
participating in the Plan;
- Removed restrictions to allow highly compensated employees
(within the meaning of Section 423(b)(4)(D) of the Internal Revenue
Code of 1986, as amended) to participate in the Plan;
- Removed the 1,000 shares of Company common stock limit per
employee per offering period under the Plan.
These amendments will provide all employees, including the
Company's officers, the ability to participate in the Plan and
purchase shares of the Company's stock through payroll deductions
up to a maximum of $25,000 per
year.
Ryan Ezell, Chief Executive
Officer of Flotek said, "I am pleased that the Company has removed
certain restrictions in the plan to allow executive officers to
participate indicating a change in philosophy and confidence in
Flotek's performance. These amendments are a positive step
toward providing our employees the opportunity to benefit from the
significant financial improvements that the Company is
experiencing. We remain focused on growing gross margins and
driving down administrative costs and are confident in our ability
to generate positive adjusted EBITDA this year."
About Flotek Industries, Inc.
Flotek Industries, Inc.
creates unique solutions to reduce the environmental impact of
energy on air, water, land and people. A technology-driven,
specialty green chemistry and data company, Flotek helps customers
across industrial and commercial markets improve their
environmental performance. The Company's primary focus is to enable
its customers to maximize the value of their hydrocarbon streams
and improve return on invested capital through its real-time data
platforms and green chemistry technologies. Flotek serves
downstream, midstream, and upstream energy customers, both domestic
and international. In addition, the Company is positioned to
integrate parallel industrial chemistry and data platforms by
capitalizing on its digitization, engineering, chemical formulation
knowledge, and intellectual property to drive multi-disciplinary
advancements in sustainability and enterprise risk management.
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
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 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.