Business
Frontier Oilfield Services, Inc acquires Triccar, Inc
Frontier Oilfield Services, Inc acquires Triccar, Inc.
About this update from Correlate Energy Corp.
[{"type":"text","content":"Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) Files An 8-K Completion of Acquisition or Disposition of Assets and announces acquisition of TRICCAR Holdings, Inc. Jan 7, 2020 -- Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) files An 8-K Completion of Acquisition or Disposition of Assets and announces the acquisition of TRICCAR Holdings, Inc.The Current Report on Form 8-K that Frontier filed with the Securities and Exchange Commission (“SEC”) on January 7, 2020 regarding the disposition of assets and operations of the Company has been completed in order to eliminate its debt to facilitate the acquisition of TRICCAR Holdings, Inc.Frontier’s Senior Secured creditor, its Board of Directors, and the majority of Frontier’s shareholders, have approved the following activities effective December 31, 2019:Frontier entered into an Asset Exchange and Purchase Agreement by and among Kenneth Owens, as purchaser, and Frontier Oilfield Services, Inc, as seller, whereby certain assets in Wise County, Texas (the “Brunson Assets”) were exchanged for all debt and accrued interest owed to Owens ($4,600,000 ) and 2,701,168 shares of common stock, which were returned to the treasury to be cancelled.Accepted an offer from Mr. Newton Dorsett, an affiliate and major stockholder, whereby Frontier Oilfield Services, Inc agreed to exchange $6,368,384 in accounts payable, accrued interest and certain ancillary assets for 6,368,384 common shares of Frontier Oilfield Services.Accepted an offer from Donald Lawhorne, Chairman and CEO, to exchange $130,000 of unpaid loans and accrued interest for 130,000 common shares of Frontier Oilfield Services, Inc.In addition, Frontier’s Board of Directors and the majority of Frontier’s shareholders have determined that continued operations in the oilfield service industry is not in the best long-term interests of the Company and its shareholders and is exiting the space. Frontier has agreed to acquire TRICCAR Holdings, Inc., a biomedical research and marketing firm that develops, acquires, and partners to bring life-changing bioceutical health care treatments to the global market.As part of the transaction, Frontier will change its corporate domicile from Texas to Nevada and assume the name TRICCAR, Inc. Frontier will issue 80,000,000 shares of stock to acquire all the assets of TRICCAR Holdings w...