FLOTEK ANNOUNCES SHAREHOLDER APPROVAL OF $2 BILLION+ LONG TERM CONTRACT

Rhea-AI Summary

Flotek Industries, Inc. (NYSE: FTK) announced that approximately 98.5% of its shareholders approved a long-term supply agreement with ProFrac Holdings, LLC. This decision, reached during a recent meeting, paves the way for a $2 billion contract aimed at enhancing collaboration with ProFrac's affiliates. The transactions are expected to close quickly, pending standard conditions. Flotek focuses on environmentally friendly chemical solutions across various industries, including energy, with an emphasis on improving Environmental, Social, and Governance performance.

Positive

• Shareholders approved a long-term supply agreement with ProFrac, indicating strong support for strategic partnerships.
• The agreement involves a substantial $2 billion contract, potentially enhancing Flotek's revenue stream.

Negative

• None.

HOUSTON, May 10, 2022 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry solutions, today announced that Flotek's shareholders overwhelmingly approved the previously-announced agreement with ProFrac Holdings, LLC ("ProFrac") to expand the existing long-term supply agreement with one of ProFrac's affiliates.

The results from yesterday's meeting indicate that approximately 98.5% of the votes cast by Flotek common stock voted in favor of the proposal to approve the transactions contemplated by the agreement with ProFrac.  The full results of the vote are available in a Current Report on Form 8-K filed with Securities & Exchange Commission on May 9, 2022.

The transactions are expected to close expeditiously, subject to usual and customary closing conditions.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates 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, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek's Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use.  Additionally, Flotek empowers the energy industry 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 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 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.

FAQ

What percentage of Flotek shareholders approved the agreement with ProFrac?

Approximately 98.5% of Flotek shareholders voted in favor of the agreement.

What is the value of the contract approved by Flotek's shareholders?

The approved contract with ProFrac is valued at $2 billion.

Where can I find more information about Flotek's shareholder meeting results?

The full results of the shareholder meeting are available in a Current Report on Form 8-K filed with the SEC.

What does Flotek Industries focus on?

Flotek focuses on technology-driven specialty green chemistry solutions to reduce environmental impact.

When was the shareholder meeting held for Flotek Industries?

The shareholder meeting to approve the agreement was held on May 9, 2022.