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| 8-K - BEST ENERGY SERVICES, INC 8-K 1-25-2010 - BEST ENERGY SERVICES, INC. | form8k.htm |
Exhibit 99.1
BEST
ENERGY SERVICES ANNOUNCES ELECTION OF NEW DIRECTOR
AND
APPOINTMENT OF NEW PRESIDENT AND COO
HOUSTON, TEXAS:
FEBRUARY 1, 2010 – (PR NEWSWIRE) –Best Energy Services, Inc. (OTCBB:
BEYS) announced today the appointment of Eugene Allen as its President and Chief
Operating Officer. A second generation oilman with over 40 years of
hands-on experience in the oil and gas industry, Mr. Allen was previously
General Manager of Best Well Services, Inc., a subsidiary of Best Energy based
in Liberal, Kansas (“BWS”) where he has been employed for the past 16 years. Mr.
Allen will continue his role coordinating and executing the operations of BWS
and will also oversee the orderly liquidation of non-strategic assets from Best
Energy’s discontinued business units. Before joining BWS in 1994, Mr. Allen
worked at Pool Well Service, Pride Petroleum and KMA Well Service. Mr. Allen
succeeds Tony Bruce, who founded BWS in 1991. Mr. Bruce has retired from his
position as President and COO of Best Energy and resigned his position as a
director of Best Energy in connection with his retirement under his contract
with Best. The Company has no immediate plans to fill the Board seat
vacancy created by Mr. Bruce’s resignation, leaving the Company with a total of
four directors.
Commenting
on the appointment of Mr. Allen, Mark Harrington, Best Energy’s Chairman and CEO
stated, “It has been a genuine pleasure to get to know Eugene and work closely
with him over the past 16 months. Eugene has a true grasp on the success metrics
needed for Best Well Services and is expected to contribute significantly to
Best Energy’s growth in the future.” Mr. Harrington continued, “On behalf of the
Board and shareholders of Best Energy, I want to thank Tony Bruce for all his
help over the past year. We were faced with daunting challenges and Tony’s
wisdom and experience was very helpful during that difficult period. The
exceptional operating efficiencies and safety record of Best Well Services are a
continuing tribute to the fine group of people Tony attracted to Best Well
Services over the years, not the least of whom is Eugene.”
Best
Energy also announced the election of David Voyticky to the Best Energy Board of
Directors. Mr. Voyticky has over fifteen years of domestic and international
M&A, restructuring and financing experience derived from serving as vice
president with Goldman Sachs and Houlihan Lokey in Los Angeles and as an
associate with J.P. Morgan in London and New York. During that
period, he advised public and private domestic and multinational corporations
and financial sponsors on mergers, acquisitions, divestitures, joint ventures,
cross-border transactions, anti-raid (defense) preparation and capital-raising
activities. Mr. Voyticky has served as a lead advisor for companies
across a broad spectrum of industries including, telecommunications, media and
entertainment, transportation/logistics, commercial finance, insurance,
healthcare, consumer products, real estate, hospitality and
leisure. He has provided strategic advice to clients such as The Walt
Disney Company, Infoseek, Airborne, Fleetwood, QAD, Alexander and Baldwin, Davis
Oil, Cushman and Wakefield, Day Runner, SAFECO, VCA Antech, Tooley& Co.,
Motel 6, and The Port Authority of NY and NJ. Mr. Voyticky has
managed merger transactions broadly ranging from $25 million to $8 billion, with
an aggregate consideration over $20 billion, and debt and equity financings
totaling over $5 billion.
Mr.
Voyticky designed and was a founding partner of Red Mountain Capital Partners,
which is a private equity group with a focus that combines “pro-active” public
market investing with going-private opportunities. Mr. Voyticky also
was a partner in the $300 million re-launch of Chapman Capital L.L.C., an
activist hedge fund focused on the publicly traded middle market
companies.
Mr.
Voyticky is currently serving as an independent consultant to companies in the
middle market on value maximization strategies. As part of this
focus, Mr. Voyticky provides strategic and capital markets advice to high growth
businesses.
Mr.
Voyticky earned a J.D. and a M.B.A degree from the University of Michigan and a
Masters in International Policy and Economics from the Ford School at the
University of Michigan. He also earned a Bachelor of Arts in
Philosophy from Pomona College. He has served as a member of the
Investment Committee of Scripps College since 2005.
Mr.
Voyticky fills the Board seat formerly held by Mr. Larry Hargrave who recently
tendered his resignation from the Board of Best Energy to pursue other interests
more fully.
Commenting
on the election of Mr. Voyticky, Mark Harrington, Best’s Chairman and CEO
stated, “We are very pleased to have attracted an individual of David’s high
caliber to our Board. It has been an objective of ours to strengthen the Board
of Best Energy, and David’s election adds meaningfully to our Board’s skill set.
Best Energy is truly fortunate to have the depth of people and talent we now
have on our Board as well as in the field. At the end of the day, it is always
the people who drive success.”
About
Best Energy Services, Inc.
Based in
Houston, Texas, Best Energy Services, Inc. is a leading well service/workover
provider in the Hugoton Basin., For more information, please visit www.BEYSinc.com.
Certain
statements contained in this press release, which are not based on historical
facts, are forward-looking statements as the term is defined in the Private
Securities Litigation Reform Act of 1995 and, as such, are subject to
substantial uncertainties and risks that may cause actual results to materially
differ from projections. Although the Company believes that the expectations
expressed herein are based on reasonable assumptions within the bounds of the
Company’s knowledge of its businesses, operations, business plans, budgets and
internal financial projections, there can be no assurance that actual results
will not differ materially from the expectations expressed herein. Important
factors currently known to management that could cause actual results to differ
materially from those in forward-looking statements include the Company's
ability to (i) properly execute its business model, (ii) raise additional
capital to sustain its business model, (iii) attract and retain personnel,
including highly qualified executives, management and operational personnel,
(iv) negotiate favorable current debt and future capital raises, (v) manage the
inherent risks associated with operating a diversified business to achieve and
maintain positive cash flow and net profitability, and (vi) get back into
compliance, and remain in compliance, with its current senior secured credit
facility with PNC Bank, N.A. as well as the other risks detailed from time to
time in the SEC reports of Best Energy Services, Inc., including its annual
report on Form 10-K/A for the transition period from February 1, 2008 to
December 31, 2008 and its quarterly reports on Form 10-Q for the three months
ended March 31, 2009, June 30, 2009 and September 30, 2009. In light of these
risks and uncertainties, there can be no assurance that the forward-looking
information contained in this press release will, in fact, occur. The
forward-looking statements made herein speak only as of the date hereof and Best
Energy disclaims any obligation to update these forward-looking
statements.
FOR
MORE INFORMATION, PLEASE CONTACT
Mr.
Dennis Irwin
Best
Energy Services, Inc
713-933-2600
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