Platinum Energy Solutions Announces Launch of 14M Share Initial Public Offering

Platinum Energy Solutions, Inc. announced today that it has commenced an initial public offering of 14.0 million shares of its common stock pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission. The underwriters will be granted a 30-day over-allotment option to purchase up to 2.1 million additional shares from the company. The common stock will be listed on the New York Stock Exchange and traded under the symbol "FRAC." The Company intends to use the net proceeds it receives from this offering for capital expenditures related to the expansion of the Company's operations, working capital and other general corporate purposes, the retirement of a portion of the Company's existing indebtedness, and for the redemption of Preferred Stock. No existing shareholders will sell in the offering.