Flotek Industries, Inc. Announces Payoff of Senior Credit Facility

Flotek Industries FTK today announced it has paid-in-full its Senior Credit Facility. Using proceeds received from a recent equity private placement, the Company paid approximately $29.25 million in remaining principal due to its senior lenders, Whitebox Advisors and Gates Capital Management. The repayment of the Senior Credit Facility reduced Flotek's outstanding debt obligations by approximately 22%. "With the repayment of our Senior Credit Facility Flotek has taken another significant step in improving our financial position and repositioning ourselves as a leading oilfield service technology company," said Flotek's Chairman and President John Chisholm. "While we continue to focus on steps to further strengthen our financial position, this accelerated reduction in debt greatly improves Flotek's financial and operating flexibility and allows us to more keenly focus on the growth potential of our products and services." Chisholm added, "I also want to thank Whitebox Advisors and Gates Capital Management for believing in Flotek and stepping up to the plate when very few had the conviction to do so. Their support at a critical time for Flotek provided a lifeline without which Flotek would have struggled to survive. Their support and patience not only allowed Flotek to reposition itself but also to build a platform that has provided significant opportunities for all of our stakeholders."