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U S Well Services Updates Investors on Business Strategy and Recent Transactions
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U S Well Services Updates Investors on Business Strategy and Recent Transactions
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U S Well Services Announces Commitment to Purchase 120 Electric Motors Totaling 360,000 HHP
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U S Well Services Issues $125 5 Million Convertible Senior Secured PIK Notes, Executes License Agreement with ProFrac Manufacturing, LLC and Finalizes Amendment to Senior Secured Term Loan
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HOUSTON, May 24, 2021 /PRNewswire/ U.S. Well Services (Nasdaq: USWS) ( USWS or the Company ) today announced its commitment to becoming an all-electric hydraulic fracturing services provider and expects to have fully exited the diesel frac market by the end of Q4 2021. As a result of this strategic transition, USWS expects to become the first publicly-traded, pure-play electric completions services provider.
The Company also announced it has entered into a definitive agreement to sell certain diesel-powered hydraulic fracturing equipment to a privately-held buyer for net proceeds of $21 million, subject to certain closing conditions. Further, the Company is in active negotiations with several counterparties and anticipates entering into a series of additional transactions to sell the majority of its remaining diesel fracturing equipment as well as certain power generation assets. In total, the Company believes it should generate