Sixty Six Oilfield Services, Inc.
Announces Completed Acquisition of Five Star Rig and Supply
Inc.
New York, NY -- July
10, 2018 -- InvestorsHub NewsWire -- Sixty Six Oilfield Services,
Inc. (OTCBB:
SSOF) announces that it has completed the acquisition of Five
Star Rig and Supply, Inc., an Oklahoma based drilling rig and
supply parts company in an all stock transaction. This transaction
will allow the Company to quickly expand and capitalize on the
soaring Oil and Gas industry and move from just pipe sales to
include oil rig purchasing, refurbishing, and sales. One of our key
goals of the acquisition is to immediately finance six (6) to
eleven (11) oil rig with
refurbishment and
sale opportunities in 2018.
The new unified
Company will have a 2017 combined revenue of
$12.6M with Gross Profits of $6.2M, more than twice the
size of the original company. The
Company will seek to immediately eliminate duplicate sales
functions and certain assets and activities will be spun off to the
original 66 Oilfield Supply LLC principals. The principal
stockholders of Five Star received the controlling block of the
Company's preferred stock. The Company plans to complete
a
registration of the company's stock and
raise
up to
$40 Million for the
purchase and resale of the drilling rigs through the sale of
equity, convertible debt, and standard industry equipment
financing. The rigs will provide more pipe sales for the company's
original core business as well as move the company into new areas
that include equipment refurbishing and equipment
servicing.
Dave T. Ho, the
Company's Chief Executive Officer, said "The acquisition of Five
Star is a momentous day in the history of the Company. Although it
took longer than
originally expected, it finally fulfils our April announcement and
will propel us into a great future. We are excited that our
opportunity with the upcoming rig sales may increase our gross
revenues as much as seven-fold in 2018. With the acquisition
complete, the Company will restart the audit process on July 12th.
The Company plans to complete the audit and prepare to
uplist
to a
national exchange in the quarter. This is a critical part of the
capital raise we are conducting to finance the rig deals for the
second half the year and beyond."
Mr.
Jason
Clayton, President of Five Star has been nominated to the Board of
Directors and Dave Ho will continue as Chairman during the
transition. Mr.
Clayton
said, "It's a privilege to serve the company and the shareholders.
We are excited about our new opportunities for growth as we forge
ahead." The merged oil and
energy business will remain in Oklahoma City. To
fulfil
our
stated mission of expansion, the Company is now starting to
identify potential acquisition targets to add to its
portfolio.
About the
Company
Sixty Six Oilfield
Services, Inc. is located on Lexington Ave in Manhattan, NY and is
a Nevada
registered
holding
company. The Company is actively pursuing a strategy of acquiring a
diverse range of energy, strategic marketing and technology
businesses for its portfolio. The
Company's oilfield and rig services division is in Oklahoma
City.
Learn more
atwww.sixtysixoilfield.com.
SAFE HARBOR
INFORMATION
This press release
may contain forward-looking information within the meaning of
Section 21E
of the Securities
Exchange Act of 1934, as amended (the Exchange Act) The Company is
not eligible to rely on the safe harbor provided by Section 21E(c)
of the Exchange Act because it is not subject to filing periodic
reports under Sections 13 or 15(d) of the Exchange Act.
For more information,
contact:
Dave Ho, Chairman
at
Sixty Six Oilfield
Services, Inc.
450 Lexington
Ave
4th floor
New York, NY
10017
(929)
383-0821
PR@sixtysixoilfield.com