Smart Sand, Inc. Announces Board and Committee Changes
February 10, 2021 at 09:13 pm
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On February 9, 2021, Smart Sand, Inc. received a letter of resignation from Colin Leonard indicating that he has resigned from his position on the Board of Directors of the Company and from each of the Audit Committee of the Board and the Nominating and Corporate Governance Committee of the Board. On February 9, 2021, the Company appointed Frank Porcelli to serve as a Class II director of the Company until the Company's next annual meeting of stockholders and until his successor is duly elected and qualified. The Board has determined that Mr. Porcelli qualifies to serve as an independent director and has designated him as a member of the Board's Audit Committee and Nominating Committee. Per the stockholders' agreement between the Company, an affiliate of Clearlake Capital Group, L.P., and Keystone Cranberry, LLC, Clearlake has designated Mr. Porcelli to replace Mr. Leonard on the Board. Mr. Porcelli has over thirty years of experience in various finance and wealth management roles. He is currently a partner in Convergency Partners. Prior to this, from 2006 to 2020, he had various roles with Blackrock, Inc., including as a Managing Director and the Chairman of BlackRock's US Wealth Advisory business.
Smart Sand, Inc. is a fully integrated frac and industrial sand supply and services company. The Company offers complete mine to wellsite proppant supply and logistics solutions to its frac sand customers. The Company produces Northern White sand, which is a sand used as proppant used to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells and for a variety of industrial applications. It also offers proppant logistics solutions to its customers through its in-basin transloading terminals and its SmartSystems well-site proppant storage capabilities. Through its SmartSystems wellsite proppant storage solutions, it offers the SmartDepot and SmartDepotXL silo systems, SmartPath transloader, and its rapid deployment trailers. Its SmartDepot silos include passive and active dust suppression technology, along with the capability of a gravity-fed operation. The Companyâs SmartPath transloader is a mobile sand transloading system.