OKLAHOMA CITY, OKLAHOMA, MARCH 20, 2017 --InvestorHub NewsWire--
Medically Minded, Inc. (OTCPink:
MMHC) now named Medically Minded Holding Corp., announces that
it has acquired 66 Oilfield Services, LLC, (66) an oil field
services company with headquarters in Oklahoma City.
66 is the successor to and third generation of a heavy oil field
equipment company founded by J.C. Houck in Oklahoma in 1959. 66
focuses 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 facilities in Oklahoma City, Germany and Dubai. Management
of 66 has strong management and a proven technical and logistical
track record of high value and performance. James Frazier,
President, has over 25 years of financial accounting and control
experience as a former President and CFO with several publicly held
domestic and international oil and gas companies on both the OTC
and the TSX. Most recently, Mr. Frazier was with Continental
Resources. Donald Woods is VP and Chief Operating Officer with over
20 years of heavy oil field equipment and equipment service
logistics companies. Other officers and Directors included Joseph
Wright is VP, Sales Manager and a Director, Mr. John Johnston,
President of Johnston Mud & Chemical, is serving as an
independent Director and. Mr. Glen Houck Sr., J.C. Houcks son, is a
Director. Both Mr. Wright and Mr. Johnston bring more than 25 years
of oil field equipment and services sales knowledge and experience
to the Companys Board. J.C. Houcks son, GlenMr. Houck, Sr., . is
also theDirector, and representative for the Houck Family Ventures
are which isthe majority shareholders of 66the Company. Mr. Houck
has been in the heavy oil field equipment industry for over 35
years and has developed quality long term relationships throughout
the drilling industry. 66s pipe yard is 40+ acres, holds in excess
of $4MM of equipment and pipe inventory at any given time and
employees 10+ inspectors and equipment specialist.
In addition to drill pipe and rig related equipment, 66
currently purchases and refurbishes custom rigs on a regular basis
for resale through a joint venture with Oklahoma Rig Fabricators
and Five Star Rig & Supply, both of Oklahoma City.
66 earned unaudited revenues of $5 million in 2015 and $3.9
million in 2016 with net income of $926,000 and $695,000,
respectively.
Jim Frazier and his staff will continue to pursue the purchase
of heavy-weight drill pipe, drill collars, custom rigs and other
select drilling equipment which are available at distressed prices
due to the down turn in the oil industry. This equipment is
considered a commodity and a quality collateral investment which
can be held and resold for much higher prices in active periods.
Mr. Frazier said that Currently, there are a number of rigs and rig
equipment which were ordered during the more active drilling
periods that have not been accepted for delivery, not used or not
fully paid. This excess inventory needs to be quickly sold to free
up needed cash for 66s vendors and partners. This creates an
opportunity to purchase new equipment on a limited basis well below
market prices which 66 can resell at better prices throughout our
world-wide network to the benefit of our shareholders. Becoming a
publicly traded company will provide us better access to financial
markets and capital to best execute our business plan. Mr. Frazier
stated further: We are in process of completing a financial audit
and plan to file a Form 10 under the Securities Exchange Act as
soon as possible.
The Company did not issue additional securities in the
transaction. The Company has utilized reissue of the an outstanding
3,000,000 shares of Series A-1 Preferred Stock representing 80% of
the Companys equity. In connection with the acquisition of 66
described above, the Company will change its name to Sixty Six
Oilfield Services, Inc. and a request will be made for a trading
symbol to reflect the new name.
The Company engaged in a holding company formation in December
2016, in which its name was changed to Medically Minded Holding
Corp.
The Company previously announced a planned acquisition of Skara
Restaurants Holdings Inc. Skaras management has concluded that it
is not appropriate for Skara to undertake becoming a publicly
traded company in reverse merger with the Company at this time and
has cancelled the planned acquisition.
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:
Jim Frazier, President
Jim@66oilfield.com
info@66oilfield.com
405.735.6666
855. DRL.PIPE (375-7473)
Only information that is publicly available will be
provided.
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