Flotek Industries Inc. (FTK) announced Thursday morning that it executed a Letter of Intent with an affiliate of Gulf Energy LLC to construct an advanced oilfield chemistry production facility and create a state-of-the-art research and development organization.
The company also announced that its Board of Directors has elected H. Richard Walton as Executive Vice President and Chief Financial Officer.
Flotek Industries climbed in early trade Thursday, before settling into a range. The stock has taken out the highs of the morning in the last few minutes and is now up 0.86 at $15.27 on above average volume. Flotek has broken out past resistance and has set a new high for the year.
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