Flotek Industries, Inc. (NYSE: FTK) today announced that it has closed the private placement of shares of common stock for gross proceeds of approximately $30 million.

Flotek sold 2,450,339 shares to accredited investors in a private placement priced at $12.52 per share. The closing and funding occurred on July 27, 2016.

Flotek will use the proceeds of the private placement to fund the acquisition of International Polymerics, Inc., to repay indebtedness under the Company's secured credit facility and for general corporate purposes.

The shares of common stock have not been registered under the Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent a registration statement or exemption from registration.

About Flotek Industries, Inc.

Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. The Company also serves commercial and industrial markets with a portfolio of diverse chemistry technologies. Flotek Industries, Inc. 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 Flotek's web site at www.flotekind.com.