Flotek Industries, Inc. Announces Appointment Of Carla Schulz Hardy To Board
Of Directors, Retirement Of Dick Wilson From Board Of Directors And Results Of
Annual Stockholders' Meeting
HOUSTON, May 21, 2013
HOUSTON, May 21, 2013 /PRNewswire/ --Flotek Industries, Inc.(NYSE:FTK)
("Flotek" or the "Company") today announced that the Board of Directors
unanimously elected Carla Schulz Hardy to the Company's Board of Directors.
Ms. Hardy, 47, a member of the founding family of Florida Chemical Company,
Inc., served as Chairman of the Board of Florida Chemical Company, Inc.
Founded by Ms. Hardy's father more than 70 years ago, Florida Chemical – now a
wholly-owned subsidiary of Flotek – is the largest processor of citrus oils in
the world, producing citrus terpines, including d-Limonene, and Flavor and
Fragrance compounds. Ms. Hardy's active participation as a shareholder and
board chairman since 2006 reflects her strong interest in the industry and
markets served by Florida Chemical. Ms. Hardy has been a champion for the
renewable and sustainable value of citrus oils in their many commercial
While serving as Chair of Florida Chemical, Ms. Hardy was a leader in the
evolution of the company from a family-run business to an international
specialty citrus-focused chemical company with a professional and
collaborative governance structure. Ms. Hardy was instrumental in the merger
of Florida Chemical into Flotek, creating the leading international bio-based
specialty chemical company focused on renewable and sustainable chemistry for
applications across multiple industries, including energy, industrials and
A graduate of University of Central Florida, Hardy, her husband and three
children reside in Orlando and are active members of the Central Florida
community. Hardy is a volunteer with Grace Medical Home Inc., a not-for-profit
medical practice serving working uninsured individuals in Orange County,
Florida, as well as a long standing volunteer working with teenagers at First
Presbyterian Church Orlando.
"We are delighted to welcome Carla to the Flotek Board of Directors and look
forward to her unique perspectives on our business," said John Chisholm,
Chairman, President and Chief Executive Officer of Flotek. "From her position
as a primary shareholder of Florida Chemical and as Chairman of the board of a
major private company, her experience and viewpoints will bring a sense of
energy and diversity to our governance process. We look forward to her
expertise and input as we build our combined companies into an environmental
technology leader in the energy, industrial and consumer staples arenas."
"I am honored to have been selected to serve as a director of Flotek and look
forward to working diligently to provide leadership as a new voice on the
board," said Ms. Hardy. "All members of the Florida Chemical team are excited
about this opportunity and believe that the combination of the two companies
creates a plethora of new opportunities for Flotek stakeholders. I am truly
excited about the value creation opportunities as a result of Flotek's
acquisition of Florida Chemical and being a part of that process."
In addition, the Company announced that, effective at the annual meeting on
May 17, 2013, Richard O. Wilson has retired as a member of the Board of
Directors. Mr. Wilson was initially appointed to the Board in 2003.
"On behalf of the entire Flotek family I take this opportunity to thank Dick
for his dedication to and leadership of our company," said John Chisholm.
"Dick's serviced spanned more than a decade – at times a very trying decade –
and his wisdom, counsel and unwavering loyalty served as a bright beacon of
reason during an otherwise cloudy period at Flotek. As both a
director-colleague as well as a close personal friend, Dick's steady advice
and demeanor have provided strength during my tenure at Flotek. His
thoughtfulness, professionalism and care will be deeply missed."
Annual Meeting Results
As filed on Form 8-K with the U.S. Securities and Exchange Commission this
morning, Flotek held its Annual Shareholder Meeting on May 17, 2013.
At the meeting the following directors were elected to serve a one-year term
as Directors of the Company: John W. Chisholm, L. Melvin Cooper, Kenneth T.
Hern, L.V. "Bud" McGuire and John S. Reiland.
Shareholders also approved, on an advisory basis, the compensation of the
Company's named executive officers and determined that such advisory votes
should be held on an annual basis.
Shareholders also approved the appointment of Hein & Associates LLP as the
Company's independent auditors for the fiscal year ending December 31, 2013.
On a resolution approved unanimously by the Board of Directors, the Company
withdrew the proposal to amend the Flotek Industries, Inc. 2010 Long-Term
Incentive Plan which was included in the proxy statement. As a result, no vote
A complete recap of the votes 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
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
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
SOURCE Flotek Industries, Inc.
Contact: Investor & Media Relations, (713) 726-5376, IR@flotekind.com
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