SIXTY SIX OILFIELD SERVICES ANNOUNCES ENGAGEMENT OF INDEPENDENT AUDITOR AND RENEGOTIATION OF CONVERTIBLE DEBT
Oklahoma City, OK -- AUGUST 07, 2017 -- InvestorsHub NewsWire -- SIXTY SIX OILFIELD SERVICES, INC. (OTCPink: SSOF) announces that it has engaged MaloneBailey LLP, a certified independent accounting firm of Houston, Texas, to audit its financial statements for the fiscal years ended December 31, 2015 and 2016. Audited financial statements are required for the Companys planned filing of a registration statement on Form 10 with the US Securities and Exchange Commission.
James Frazier, the Companys President, stated: MaloneBailey has extensive experience in audit work for the oil & gas industry. Engagement of the firm puts us one step closer to achieving our goal of registering with the SEC, which we anticipate will occur in early Fall of this year. As exciting as this step is in positioning our Company for growth, this news is overshadowed by a renegotiation of our convertible debt, substantially eliminating its equity overhang of the market for our common stock.
The Company has approximately $399,000 in convertible debt originating in transactions before the acquisition of 66 Oilfield Services, LLC on March 14, 2017. The Company and the debt holder have agreed to suspend convertibility and the accrual of future interest on approximately $377,000 of principal, to extend the maturity date to September 30, 2020 and to a payoff of that principal and accrued interest through June 30, 2017 for a total fixed amount of $450,000, paid in eight installments beginning September 30, 2017.
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
855. DRL.PIPE (375-7473)
Only information that is publicly available will be provided.