August 14, 2009 (FinancialWire) — Flotek Industries, Inc. (NYSE: FTK) (Current Market Cap: $41.34 Mil.) said it has closed a private placement of convertible preferred stock, and warrants to purchase shares of common stock, for gross proceeds of around $16 million.

The company will receive net proceeds of around $15 million. Flotek will use the net proceeds to reduce borrowings under its bank credit facility, thereby providing additional liquidity, and for general corporate purposes.

Flotek also said that, giving pro forma effect to the completed private placement, its stockholders’ equity as of June 30 is greater than $50 million, so the company continues to be in compliance with the continued listing requirements of the New York Stock Exchange.

Houston-based Flotek Industries is a developer and distributor of specialty chemicals and down-hole drilling and production equipment. Flotek manages automated bulk material handling, loading and blending facilities.

The company serves the domestic and international oilfield service industry.

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