Flotek announces conclusion of SEC inquiry
Flotek Industries announced that it has received a letter from the staff of the SEC that the fact-finding inquiry by the SEC related to the company's FracMax software and the efficacy of CnF has been concluded and that the staff does not intend to recommend any enforcement action by the SEC. The SEC provided this notice pursuant to the guidelines set out in the final paragraph of Securities Act Release No. 5310. The company had previously created a special committee of independent directors and retained outside consultants to direct the review of potential concerns raised regarding the previously disclosed matters. The findings of the outside review process were consistent with the recommendation of no action against Flotek Industries. John Chisholm, Flotek's Chairman, President and CEO commented, "We are very pleased with the conclusion of the SEC's inquiry. We have the utmost respect for the SEC and its investigative process, and we cooperated fully with the SEC during the entire course of its inquiry. Flotek remains committed to conducting operations and creating stockholder value transparently and in compliance with all applicable laws and regulations."