Flotek Industries, Inc. Announces Results of Annual Stockholder Meeting
HOUSTON, May 22, 2014 /PRNewswire/ -- Flotek Industries, Inc. (FTK:NYSE) ("Flotek" or the "Company") today announced the results of its Annual Stockholder Meeting.
As filed on Form 8-K with the U.S. Securities and Exchange Commission, Flotek held its Annual Stockholder Meeting on May 16, 2014.
At the meeting the following were elected to serve a one-year term as Directors of the Company: Ted D. Brown, John Chisholm, L. Melvin Cooper, Carla Schulz Hardy, Kenneth T. Hern, L.V. "Bud" McGuire and John S. Reiland. All received in excess of a majority of the votes cast.
"I am delighted that Flotek shareholders overwhelming embraced each of these dedicated professionals to serve as Directors of the Company for the coming year," said John Chisholm, Chairman of the Board, President and Chief Executive Officer of Flotek. "Notwithstanding the erroneous claims made by a misinformed proxy advisory firm regarding one candidate, our shareholders were willing to carefully consider the facts and, in turn, provide a strong vote of confidence for our incumbent Directors."
"On behalf of the entire Board of Directors, we appreciate the support our shareholders have shown and pledge to continue to work diligently to ensure each decision we make is made with the best interests of our shareholders at the forefront," added Kenneth T. Hern, lead independent director of the Board.
In addition, a majority of Flotek shareholders voted to approve the 2014 Long-Term Incentive Plan, the Advisory Vote on Executive Compensation and ratification of the appointment of Hein & Associates LLP as the Company's independent auditors for the year ending December 31, 2014.
"We appreciate the support of our shareholders in approving our new Long-Term Incentive Plan, the review of Flotek's executive compensation and Hein & Associates as our auditors," added Chisholm. "We always look for ways to improve our governance structure and our transparency and will continue to do so in the coming year, including reviewing our compensation arrangements to make certain they are appropriately crafted to balance the interests of all stakeholders with the goal of attracting the best talent available to achieve Flotek's objective of maximizing growth and value creation for its shareholders."
A complete recap of the results of the Annual Stockholder Meeting can be found in the Form 8-K filed with the U.S. Securities and Exchange Commission.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of innovative specialty chemicals and down-hole drilling and production equipment. Flotek manages automated bulk material handling, loading and blending facilities. 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 filing 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.
SOURCE Flotek Industries, Inc.