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.
