HOUSTON, Oct. 31, 2018 /PRNewswire/ -- U.S. Well
Services, LLC ("USWS"), a provider of hydraulic fracturing services
and a market leader in electric fracture stimulation, today
announced that it has signed a long-term contract with a leading
North American energy producer focused on efficient development of
oil and gas resource plays. Under the terms of the contract, USWS
will begin operations in January of 2019 in the Eagle Ford shale
with one of its newly built electric frac fleets. The signing of
this agreement marks the second customer to commit to utilize USWS'
patented next generation electric frac technology. USWS continues
to advance commercial contracts with other customers for the four
additional new build electric fleets that are expected to come
on-line throughout the balance of 2019.
"This contract is yet another validation of USWS' proprietary
electric frac fleet and its significant benefits for customers,"
said Joel Broussard, Chief Executive
Officer of USWS. "This customer shares our commitment to
environmental stewardship and efficient, best-in-class operations.
We look forward to working closely with them to provide safer
operations, reduce noise, drive substantial fuel savings and
achieve operating efficiencies through the use of natural gas
sourced directly from the field. We continue to gain momentum with
other potential customers as the industry continues to recognize
the benefits of electric frac and adopt this innovative and
revolutionary technology."
As previously announced, USWS entered into a merger and
contribution agreement, dated July 13,
2018, with Matlin & Partners Acquisition Corporation
(NASDAQ: MPAC, MPACU, MPACW) ("MPAC"), a publicly traded special
purpose acquisition company, whereby USWS will combine with MPAC to
become a publicly listed company. Upon the completion of the
business combination, which is expected to close in the fourth
quarter of 2018, MPAC will be renamed U.S. Well Services, Inc. and
is expected to trade on the Nasdaq Capital Market under the ticker
symbol USWS. For more information, please visit
http://uswellservices.com/2018/07/business-combination-announcement/.
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
Additional Information About The Business Combination And
Where To Find It
MPAC has filed with the Securities and Exchange Commission (the
"SEC") a definitive proxy statement in connection with the proposed
business combination and other matters and mailed a definitive
proxy statement and other relevant documents to its stockholders as
of the record date established for voting on the proposed business
combination. MPAC's stockholders and other interested persons are
advised to read the definitive proxy statement and any amendments
thereto in connection with MPAC's solicitation of proxies for its
special meeting of stockholders to be held to approve, among other
things, the proposed business combination, because these documents
will contain important information about MPAC, USWS and the
proposed business combination. MPAC's stockholders may also obtain
a copy of the preliminary or definitive proxy statement as well as
other documents filed with the SEC by MPAC, without charge, at the
SEC's website located at www.sec.gov or by directing a request to
520 Madison Avenue, 35th Floor, New York, NY Attention: General Counsel, or by
telephone at (212) 651-9500.
Participants in the Solicitation
MPAC and its directors and executive officers, USWS and its
directors and executive officers, and other persons may be deemed
to be participants in the solicitations of proxies from MPAC's
stockholders in respect of the proposed business combination.
Information regarding MPAC's and USWS' directors' and executive
officers' participation in the proxy solicitation and a description
of their direct and indirect interests are contained in the
definitive proxy statement related to the proposed business
combination, and which can be obtained free of charge from the
sources indicated above.
Forward-Looking Statements
Certain statements contained in this press release, which
reflect the current views of USWS with respect to future events,
and any other statements of a future or forward-looking nature,
constitute "forward-looking statements" for the purposes of federal
securities laws. These forward-looking statements include, but are
not limited to, statements with respect to the initial operating
date of services provided by the long-term agreement announced in
this press release, the delivery date of the four additional new
build electric fleets, the closing date of the transactions
contemplated by the merger and contribution agreement between USWS
Holdings LLC, a holding company for USWS, and MPAC, and the ticker
symbol of U.S. Well Services, Inc. on the Nasdaq Capital Market. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. Accordingly, forward-looking statements should not be
relied upon as representing MPAC's or USWS' views as of any
subsequent date, and neither MPAC nor USWS undertakes 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. There can be no
assurance that future developments affecting us will be those that
we have anticipated. You should not place undue reliance on these
forward-looking statements. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
USWS' or MPAC's control) or other assumptions that may cause actual
events to be materially different from those expressed or implied
by these forward-looking statements. Other risks and uncertainties
are discussed in the definitive proxy statement filed by MPAC in
connection with the proposed business combination, including those
under "Risk Factors" therein, and in MPAC's prior and future
filings with the SEC, available at www.sec.gov.
No Offer or Solicitation
This news release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No portion of MPAC's or USWS' websites is
incorporated by reference into or otherwise deemed to be a part of
this news release.
Contacts
Meaghan Repko / Aaron Palash / Greg
Klassen
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE U.S. Well Services, LLC