U.S. Well Services, Inc. Enters into Exclusive Electric Motor Purchase Agreement with AmeriMex
HOUSTON, June 25, 2019 (GLOBE NEWSWIRE) -- U.S. Well Services, Inc. (NASDAQ: USWS) today announced that it has entered into an agreement with AmeriMex Motor & Controls, LLC. (“AmeriMex”), a subsidiary of Industrial Service Solutions. Under the terms of the agreement, AmeriMex will provide electric motors exclusively to USWS as it relates to electric hydraulic fracturing.
USWS and AmeriMex jointly developed an electric motor tailored for hydraulic fracturing applications utilizing insights gained from data collected by USWS’s FracMD® technology and the Company’s five year operating history with electric fracturing fleets.
U.S. Well Services has utilized these world-class, fit-for-purpose motors on each of its three newbuild electric fracturing fleets deployed in 2019, and is currently constructing a fourth newbuild electric fleet using the motors, which is contracted and expected to begin working for a supermajor in the Permian Basin in early 2020.
Wade Stockstill, President of AmeriMex and Executive Vice President of Industrial Services Solutions, stated, “We are pleased to formalize our long-time partnership with USWS. They have been a pioneer in electric fracturing technology and remain the market leader in electric hydraulic fracturing services. U.S. Well Services’ extensive operating history using electric fracturing fleets is a testament to its unique position in this market. We look forward to growing our relationship with U.S. Well Services and serving as a long-term partner for many years to come.”
Joel Broussard, President and Chief Executive Officer of U.S. Well Services commented, “Our partnership with AmeriMex and exclusive arrangement with its motors will strengthen our competitive advantage and support our ability to capitalize on increasing demand for electric fracturing services. These efficient, compact motors are the only field-tested motor with a proven track record in electric hydraulic fracturing. AmeriMex has a solid history of developing long-lived electric motors for various applications in other industries, and these innovative 3,000 HP motors for electric fracturing are a key differentiator for our company and technology. We are pleased to partner with Wade and AmeriMex.”
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company’s patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company’s electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release
The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the addition of the Company to the Russell Indexes and the benefits obtained from such addition, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as “may,” “expect,” “believe,” “anticipate,” “will,” “should,” “could,” and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified in this release or as disclosed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Factors that could cause actual results to differ from the Company’s expectations include changes in market conditions, timing of the addition to the Russell Indexes and other factors described in the Company’s public disclosures and filings with the SEC, including those described under “Risk Factors” in its annual report on Form 10-K filed on March 14, 2019 and in our quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors.
U.S. Well Services
Vice President, Finance and Investor Relations
Dennard Lascar Investor Relations
Ken Dennard / Lisa Elliott
Source: U.S. Well Services, Inc.
About AmeriMex Motor & Controls, LLC.
AmeriMex Motor & Controls, LLC., an Industrial Service Solutions company, specializes in traction motors and control systems for oil and gas processing equipment. AmeriMex designs, engineers, and manufactures high quality specialty motors built for purpose to clients domestically and globally. Its parent company Industrial Service Solutions offers a diverse set of industrial value propositions and integrated service shops, allowing AmeriMex to offer in house service of its equipment as well as others. With both manufacturing and service specialties, AmeriMex leads the industry in highly customized and ruggedized equipment for the upstream oil and gas industries and other demanding markets across the globe. For more information visit: https://amerimexinc.com/ and https://iss-na.com/. Information on our website is not part of this release.
AmeriMex Motor & Controls, LLC.
Released June 25, 2019