Platinum Energy Solutions, Inc. (“Platinum”) has provided certain financial information related to its business to certain holders of its 14.250% Senior Secured Notes due 2015 in connection with their review of Platinum’s business. Platinum is making this supplemental financial information (“Information”) publicly available solely to satisfy its contractual obligation to such noteholders to do so. This Information is unaudited and represents the most current information available to management for the period presented as of August 8, 2013. The financial data has been prepared by Platinum’s management.
Platinum’s management does not as a matter of course make public projections as to future performance or earnings and is especially wary of making projections for extended periods due to the unpredictability of the underlying assumptions and estimates. As a privately-held non-reporting company, Platinum has no obligation, other than the aforementioned contractual obligation, to provide this Information to the public. Platinum has set forth on the following page that portion of the financial projections provided to certain noteholders that it believes constitutes material nonpublic information. The inclusion of this information should not be regarded as an indication that the noteholders who received this information, Platinum’s management or any other recipient of this information considered, or now considers, it to be a reliable prediction of future results.
The financial projections contained in the Information reflect numerous estimates and assumptions with respect to industry performance, general business, economic, regulatory, market and financial conditions, as well as matters specific to Platinum’s business, which is primarily in the spot market, all of which are difficult to predict and many of which are beyond Platinum’s control. As a result, there can be no assurance that the projections will be realized or that actual results will not be significantly higher or lower than projected. The financial projections were prepared solely for internal use and for the use of certain existing noteholders and their advisors in connection with their consideration of the restructuring Platinum recently announced on August 27, 2013 and not with a view toward public disclosure or toward complying with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) or the published guidelines of the Securities and Exchange Commission regarding projections.
Readers of this supplemental financial information are cautioned not to and should not place undue reliance on the financial projections set forth on the following page. No one has made or makes any representation to any equityholder or noteholder regarding the Information. Platinum does not intend to update or otherwise revise these financial projections to reflect circumstances existing after August 8, 2013 to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the financial projections are shown to be in error.