HOUSTON, July 27, 2021 /PRNewswire/ -- Flotek Industries,
Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in green
specialty chemistries serving industrial, commercial and consumer
markets, announced today it has entered into a
long-term agreement with Resolute Oil, a leader in
high-quality white mineral oil serving consumer and industrial
customers, to leverage capabilities and facilities to drive growth
in adjacent green chemistry markets. The agreement includes options
to renew until 2036.
Through the agreement, Resolute Oil will fully utilize Flotek's
entire 15-acre campus, including its 38,000 square foot chemical
blending facility, based in Waller,
TX, to manufacture United States Pharmacopeia-National
Formulary (USP-NF)-grade white mineral oil distributed globally to
customers in the agricultural, energy, food & beverage,
cosmetic, and personal care markets. Flotek's facility is
customized for the production of green chemistries and certified by
the U.S. Food and Drug Administration (FDA) and Environmental
Protection Agency (EPA), facilitating the production of food-grade
With more than 164 patent assets, Flotek has leveraged its
best-in-class research and innovation capabilities to become a
global leader in sustainable chemistry technologies serving
customers in consumer and industrial markets. The collaboration
between Flotek and Resolute Oil will enable the companies to
leverage their expertise and access adjacent market verticals for
The Company also has significant blending capacity at its 90,000
sq ft. ISO 9001:2015-certified manufacturing facility in
Marlow, OK. Flotek utilizes its
manufacturing capabilities and capacity to blend products on behalf
of suppliers in a contracted capacity.
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.
About Resolute Oil
Resolute Oil is a global supplier
of specialty hydrocarbon products to many markets, including
agriculture, oil and gas, ink, cosmetics, and personal care. Our
products include highly refined technical-, NF-, and USP-grade
white mineral oils, base oils, low-aromatic solvents, and
petrolatum. The team at Resolute Oil has decades of experience, and
we take pride in providing industry-best customer service. Resolute
Oil has worldwide storage, production, and packaging capabilities.
Our MaxPar®, MaxPure®, MaxNap®, MaxSol®, and MaxSolv® brands are
universally recognized for purity, performance, and consistency.
Resolute Oil also works with customers to develop and blend
application-specific formulations in our state-of-the-art labs. To
learn more, visit resoluteoil.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 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.