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Team and Furmanite Announce Approval of Merger by Stockholders of Both Companies

Team Industrial Services, February 29, 2016

Team, Inc. and Furmanite Corporation recently announced that stockholders from both companies have overwhelmingly approved their respective merger proposals related to the proposed combination of Furmanite and Team at their respective special meetings held last week.

More than 96% of the shares voting at the Furmanite special meeting voted in favor of the merger, and more than 99% of the shares voting at the Team special meeting voted in favor of the proposal to issue shares of Team common stock to Furmanite stockholders in connection with the merger.

Upon the consummation of the merger, Furmanite stockholders will have the right to receive 0.215 shares of Team common stock for each share of Furmanite common stock, with cash paid in lieu of fractional shares.

Team and Furmanite expect the closing of the transaction to occur promptly, subject to the satisfaction of all conditions.

 

About Team, Inc.

Headquartered near Houston, TexasTeam Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 125 locations throughout the world. Team's common stock is traded on the New York Stock Exchange under the ticker symbol "TISI".

About Furmanite Corporation

Furmanite Corporation (NYSE:FRM), founded in 1920, is one of the world's largest specialty industrial services companies, providing world class solutions to customer needs through more than 80 offices on six continents. Furmanite delivers a wide portfolio of inspection and mechanical services which help monitor, maintain and renew the global energy, industrial and municipal infrastructures. World Headquarters and Global Support Operations are located in Houston, TexasRotterdam, NetherlandsKendal, United Kingdom and Melbourne, Australia. For more information, visit www.furmanite.com.

 


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