U.S. Silica's Sandbox Unit Wins Breach of Contract Lawsuit Against Arrows Up
KATY, Texas, July 9, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced a decisive jury verdict in a trial in State District Court in Harris County, Texas, against Arrows Up, LLC, an affiliate of OmniTRAX, Inc., a Broe Group portfolio company. The jury returned a unanimous verdict in favor of Sandbox Logistics, a wholly-owned subsidiary of U.S. Silica, on all twelve issues presented in the lawsuit.
The jury found that Arrows Up breached a 2014 Confidentiality and Non-Disclosure Agreement with Sandbox. It also found that Arrows Up and its founder and CEO John Allegretti, personally, breached a 2015 Settlement Agreement with Sandbox and committed fraud against Sandbox. While the final amount of damages has not yet been confirmed by the trial court, the jury awarded monetary damages to Sandbox totaling more than $43 million dollars.
U.S. Silica President and CEO Bryan Shinn commented, ''We are pleased with the jury verdict. It underscores the inherent value of Sandbox and serves notice to others who have misappropriated our intellectual property that we will vigorously defend ourselves. We are poised for continued, sustainable growth in this exciting market segment and with over 50 issued U.S. patents, we are the clear leader in last mile containerized proppant delivery solutions.'' Shinn added that U.S. Silica intends to seek additional relief to protect the rights of Sandbox.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Wholly owned EP Minerals, a U.S. Silica Company, is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. The Company currently operates over 25 mines and production facilities. The Company is headquartered in Katy, Texas and also has offices located in Frederick, Maryland and Chicago, Illinois.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000 Index. The Company is a leading producer of commercial silica used in a wide range of industrial applications and in the oil and gas industry. Over its 119-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 27 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland, Reno, Nevada and Chicago, Illinois.