HOUSTON, July 15, 2019 /PRNewswire/ -- On July 9, 2019, Burckhardt Compression ("Burckhardt") issued a misleading press release and made other misleading public announcements regarding the notice of its exercise by one of its affiliates of a call option to acquire a majority interest in, among others, Arkos Field Services, LP ("Arkos").
The press release claimed that a Burckhardt affiliate will acquire a majority stake once certain "legal formalities have been completed." However, Burckhardt failed to communicate that these "formalities" include the resolution of pending litigation brought by Arkos last year against various Burckhardt entities relating to business agreements between Burckhardt, Arkos and other parties which are central to any transfer of ownership.
Prior to any legitimate transfer of units occurring, ongoing legal proceedings must be resolved. Arkos strongly disputes the validity of the equity call and has no plans to change the management or ownership structure.
Accordingly, Arkos remains fully committed to maintaining business as usual, including and especially providing first-rate services and transparency to its growing customer base.
Arkos is an industry leader in the aftermarket services business regardless of the specific oil and gas market. We have a safety-minded culture of service technicians who hold an exemplary safety rating and industry leading quality performance ranking. Arkos simplifies and optimizes maintenance for surface facilities by providing comprehensive aftermarket solutions throughout our domestic and international operating areas. Visit www.arkos.com to learn more.
SOURCE Arkos Field Services, LP