HOUSTON and NEW CANAAN, Conn., Nov.
9, 2018 /PRNewswire/ -- Matlin & Partners
Acquisition Corporation (NASDAQ: MPAC, MPACU, MPACW) ("MPAC") and
U.S. Well Services, LLC today announced the completion of their
previously announced business combination, positioning the combined
company to continue its growth as a high-quality provider of
hydraulic fracturing services and market leader in electric-powered
fracturing. In connection with the transaction, MPAC has been
renamed U.S. Well Services, Inc. ("USWS"').
USWS' fully electric frac technology is set to transform and
disrupt the hydraulic fracturing industry through substantial
customer fuel savings, improved operating efficiency, and safer
operations with reduced noise and lower emissions.
"We are pleased to complete this transaction and to advance the
rollout of our proprietary electric frac technology. With this
business combination, USWS will have a strong financial position,
enabling us to capture significant growth opportunities ahead,"
said Joel Broussard, Chief Executive
Officer of USWS. "USWS continues to gain momentum with recently
announced contract signings as customers better recognize the
benefits of electric frac. Driven by our commitment to safe,
environmentally friendly and efficient operations, we are
well-positioned to accelerate growth and create value for our
combined stockholders."
"The completion of this transaction represents a successful
outcome of our goal to find a strong partner with a unique platform
for future growth," said David
Matlin, former Chairman and Chief Executive Officer of MPAC.
"As a publicly traded company with transformative growth capital,
USWS will be well-positioned to execute on its growth plan. As a
member of the USWS Board, I look forward to working closely with
Joel and the USWS team to drive value for our stockholders."
USWS expects to commence trading its Class A Common Stock and
public warrants on The Nasdaq Capital Market ("Nasdaq") under the
symbols "USWS" and "USWSW," respectively, effective Monday, November 12, 2018.
Advisors
MPAC was advised on the business combination by Cantor
Fitzgerald & Co. with Bracewell LLP as legal counsel. USWS'
financial advisor was Simmons Energy, a division of Piper Jaffray & Co., and Winston &
Strawn LLP acted as legal advisors.
About USWS
U.S. Well Services, LLC's Clean Fleet ® technology provides one
of the first fully electric, fully mobile well stimulation system
powered by natural gas fueled by locally supplied field gas or
alternative natural gas sources. USWS' patented Clean Fleet
technology dramatically decreases sound pollution, which is vital
in this day and age as well as generates exceptional operational
cost savings. For more information visit:
www.uswellservices.com.
Forward-Looking Statements
This new release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "expect,"
"anticipate," "believe," "seek," "target" or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements with respect to the listing of certain USWS' securities
on Nasdaq and the future financial performance of USWS following
the transaction. Accordingly, forward-looking statements should not
be relied upon as representing USWS' views as of any subsequent
date, and USWS does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. You should not place undue reliance on
these forward-looking statements. As a result of a number of known
and unknown risks and uncertainties, actual results or performance
may be materially different from those expressed or implied by
these forward-looking statements. Some factors that could cause
actual results to differ include USWS' ability to recognize the
anticipated benefits of the transaction, which may be affected by,
among other things, competition and the ability of USWS to grow and
manage growth profitably following the transaction; changes in
applicable laws or regulations; the possibility that USWS may be
adversely affected by other economic, business, and/or competitive
factors; and other risks and uncertainties indicated in USWS'
public filings with the Securities and Exchange Commission.
Contacts
Meaghan Repko
/ Aaron Palash / Greg
Klassen
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Matlin & Partners Acquisition Corporation; U.S. Well
Services, LLC
