Exhibit 99.1
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FLOTEK INDUSTRIES, INC. June 27, 2003 11:30 AM CST
7030 Empire Central Drive
Houston, Texas
77040
For more information contact: Rosalie Melia TRADING SYMBOL: OTCBB:FLTK
Tel: [713]-849-9911 rmelia@flotekind.com
Fax: [713]-466-8386
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Flotek Industries, Inc. announces the divestiture of its Equipment
Specialties Division
Houston, Texas, June 27, 2003 - Flotek Industries, Inc., (OTCBB: FLTK)
announces its intention to divest its Equipment Specialties Division located in
Duncan, Oklahoma. This is consistent with management's strategy to concentrate
on its core businesses. The Company is currently in negotiations with a
potential purchaser.
Equipment Specialties designs, manufactures and rebuilds cement mixing
units, hydraulic fracturing blenders, acid pump vehicles and state-of-the-art
control units. It also manufactures and rebuilds nitrogen equipment units used
for foam fracturing, coiled tubing cleanup operations and industrial cleaning.
The Equipment Specialties Division has 33 employees and had revenue of $1.919
million in 2002.
Flotek will complete all awarded contracts as of June 26, 2003. The Company
estimates it will book a net loss in the range of $1.2 million to $1.7 million
in the second quarter for these discontinued operations.
Flotek is a publicly traded company involved in the manufacturing and
marketing of innovative downhole equipment, specialty chemicals, and the
engineering, design and construction of facilities for cementing and stimulation
materials. Flotek serves major and independent companies in the international
oilfield service industry.
Statements made in this press release, including those relating to the
positive direction of the Company, increased revenue base, are forward-looking
and are made pursuant to the safe harbor provisions of the Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties, which may
cause results to differ materially from those set forth in these statements.
Other factors identified in the Company's filings with the Securities and
Exchange Commission could also affect the forward-looking statements contained
in this press release.