SSOF Announces Letter of Intent to Acquire Local R
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Posted On: 04/10/2018 9:07:14 AM
SSOF Announces Letter of Intent to Acquire Local Rig Supply and Fabrication CompanyPress Release | 04/10/2018
NEW YORK, April 10, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire – Sixty Six Oilfield Services, Inc. (OTCBB:SSOF) announces that it has signed a Letter of Intent to Acquire Five Star Rig and Supply, Inc., an Oklahoma based drilling rig and supply parts company for stock and cash. The principal stock holders of Five Star will receive a controlling block of the Company’s preferred stock. The Company plans to raise up to $20 Million in debt and expansion capital to acquire Five Star. The majority of this raise will be used to finance the purchase and resale of several drilling rigs. The Company and Five Star have been working together on this joint project which is expected to be completed during the second and third quarters of this year.
Dave T. Ho, the Company’s Chief Executive Officer, said “This acquisition of Five Star is an exciting development for Sixty Six. This transaction allows us to continue our focused growth within the drilling sector and will also enhance the bottom line for the overall benefit of the stockholders. Five Star’s overall revenue for 2017 was $6.7MM with net profits of $2.07MM. By combining the strengths of both companies we will be looking to effectively double the Company’s 2017 sales. We look forward to quickly completing the acquisition of Five Star in the coming weeks.”
NEW YORK, April 10, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire – Sixty Six Oilfield Services, Inc. (OTCBB:SSOF) announces that it has signed a Letter of Intent to Acquire Five Star Rig and Supply, Inc., an Oklahoma based drilling rig and supply parts company for stock and cash. The principal stock holders of Five Star will receive a controlling block of the Company’s preferred stock. The Company plans to raise up to $20 Million in debt and expansion capital to acquire Five Star. The majority of this raise will be used to finance the purchase and resale of several drilling rigs. The Company and Five Star have been working together on this joint project which is expected to be completed during the second and third quarters of this year.
Dave T. Ho, the Company’s Chief Executive Officer, said “This acquisition of Five Star is an exciting development for Sixty Six. This transaction allows us to continue our focused growth within the drilling sector and will also enhance the bottom line for the overall benefit of the stockholders. Five Star’s overall revenue for 2017 was $6.7MM with net profits of $2.07MM. By combining the strengths of both companies we will be looking to effectively double the Company’s 2017 sales. We look forward to quickly completing the acquisition of Five Star in the coming weeks.”
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