Holding company 665 Energy (OTC: SSOF), formerly Sixty Six Oilfield Services, Inc., has executed a Letter of Intent (“LOI”) for certain assets to be acquired for cash and stock by 10sion Holdings, Inc., and confirms that SSOF supports 10sion’s S-1 filing with the Securities and Exchange Commission (“SEC”) on October 29, 2018. The LOI and S-1 mark the first step of a two-step acquisition process. Per the LOI, 10sion intends to purchase 665 Energy’s Fluid End Sales for an agreed sum of $10.5 million plus equity. 10sion will also provide equity and debt capital for Fluid End to complete its anticipated Rig transactions. The second step is the completion, acceptance and execution of a definitive acquisition agreement together with commitments for investment capital. The executive management and board of directors of both Fluid End Sales and 10sion is anticipated to be adjusted to support the direction of the controlling shareholders and to align with the focus of the company. The completion of the acquisition is subject to both companies meeting certain performance requirements.
“The acquisition of Fluid End by 10sion potentially provides Six Six Five Energy and Fluid End Sales the opportunity for transaction and acquisition capital, as well as an opportunity to build lasting long-term value within a holding company framework. This provides opportunities for growth, diversification and expansion, and possible up listing to a broader exchange, all of which are of value to our shareholders. We understand that our public shareholders will have a number of questions regarding our decision to take this step and we will do our best to answer those questions as information becomes available for disclosure to the public,” Six Six Five Energy Executive VP Jim Frazier stated in the news release.
To view the full press release, visit http://nnw.fm/21dU3
About 665 Energy
665 Energy, Inc. (OTC Pink: SSOF), formerly 66 Oilfield Services, is located in Oklahoma City and is a Nevada registered holding company in the oilfield equipment and supply industry. Through its three wholly owned subsidiaries (5 Star Rig and Supply, Oklahoma Rig Fabricators and 66 Oilfield Services), the company specializes in supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers worldwide through its facilities in Oklahoma City, Germany and Dubai. The company’s services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment. The company is currently expanding into the oil drilling rig acquisition, refurbishment and resale business as well as continuing to build its portfolio of energy related businesses. For more information, visit the company’s website at www.665Energy.com.
More from NetworkNewsBreaks
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.networknewswire.com