Eco-Stim Energy Solutions Announces Results of Annual Stockholder Meeting; Debt Conversion Approved Resulting In Debt Free Balance Sheet
HOUSTON, TX and NEUQUEN CITY, ARGENTINA -- (Marketwired) -- 06/15/17 -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim" or the "Company") announced today following its annual meeting of stockholders that (1) the nominees for election of Directors have all been elected; (2) the Company's named executive officers' compensation was approved, on an advisory basis; (3) shareholders approved the conversion of all the Company's current outstanding debt into common stock, which will result in the issuance of up to 29,538,786 shares of common stock (prior to giving effect to a contemplated reverse stock split); (4) the proposed amendment to the 2015 stock incentive plan was approved; (5) the proposed increase in the number of shares available under the 2015 stock incentive plan was approved; (6) the appointment of Whitley Penn LLP as the Company's independent registered audit firm for 2017 was approved; and (7) the stockholders approved a reverse stock split, to be effected at the discretion of the Board of the Directors of the Company, that would reduce the number of outstanding shares of outstanding Common Stock of the Company at a ratio of one-for-four (1:4) and also reduce the number of authorized shares of Common Stock by a corresponding proportion. The timing for implementation of the Reverse Stock Split, if at all, will be determined by the Company's Board of Directors based upon its evaluation as to when such action would be most advantageous to the Company and its stockholders and will likely be decided before the end of July 2017. The shares to be issued in exchange for the Company's outstanding debt are not registered under the Securities Act of 1933, as amended, but the holders of those shares may require the Company to register those shares beginning as of July 3, 2017.
J. Chris Boswell, Co-Founder, President and CEO of EcoStim Energy Solutions commented, "I want to thank our shareholders for their participation in our annual meeting, as we had approximately 98% of actual ballots cast voting to approve our Board's recommended actions. With the elimination of over $41 million of debt, the Company now possesses a debt free balance sheet to pursue growth initiatives in our two uniquely complementary markets. I also want to thank shareholders for their support through this challenging period in the energy industry. I feel confident that the Company is now on a solid growth path in both markets and we look forward to executing on our 2017 goals and future strategic initiatives."
About EcoStim Energy Solutions, Inc.
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology Company providing well stimulation and completion services and proprietary field management technologies to oil and gas producers. EcoStim's proprietary methodology and technology offers the potential in high cost regions to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Source: Eco-Stim Energy Solutions, Inc.
Released June 15, 2017