NetworkNewsBreaks – 665 Energy, Inc. (SSOF) Executes LOI with 10sion Holdings, Inc.
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.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
