OKLAHOMA CITY, May 31, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- SIXTY SIX OILFIELD SERVICES, INC. (OTCBB: SSOF ), answers pressing shareholder questions. Chief Executive Officer, Dave Ho said, "As we move swiftly through the second quarter, I want to take time out to answer some shareholder questions e-mailed to us. These questions have been asked by numerous investors over the last several months and we take them seriously. We are dedicated to continuing to improve our transparency while our plans for the 5 Star Rig and Supply acquisition proceeds according to plan. As we are nearing the competition of that process and we will be making new announcements with further information in the very near future."
SSOF has an audit that has been going on for way too long, any hint as to when this will be completed?
The audit is current on pause due to our LOI letter for the acquisition of 5 Star Rig and Supply.
I am concerned about dilution and reverse splits. Can the company shed some light on potential future reverse split and dilutions?
There are no immediate plans for dilutions or splits in the future. However, do not take that as a guarantee one way or another. If we make plans to do so, we will announce them in the most transparent way possible.
What are your thoughts of a share buyback? As it stands according to your financials your company is extremely undervalued and with your cash flow you could buy back some of your shares.
Due to the 5 Star deal, there are no plans for a stock buyback.
What is the status of your two large potential oil rig sales?
The projects are very much alive and we are working to complete them in the third quarter. These projects are a very important part of the company's growth this year and we have not wavered in our pursuit of these goals.
About Sixty Six Oilfield Services, Inc.
Sixty Six Oilfield Services is now a third-generation heavy oil field equipment company founded in Oklahoma in 1959. The Company is focused on 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 world-wide 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.
SAFE HARBOR AND INFORMATIONAL STATEMENT 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), including all statements that are not statements of among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. 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: info@sixtysixoilfield.com 1.347.201.2775
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