Business
Partial Restructuring of Corporate Indebtednes
Partial Restructuring of Corporate Indebtednes.
About this update from Correlate Energy Corp.
[{"type":"text","content":"220 Travis Street, Suite 500, Shreveport, LA 71101 Tel (214) 243-2610 Fax (214) 243-2066 www.frontierosi.comFrontier Oilfield Services, Inc.220 Travis Street, Suite 500Shreveport, LA 71101Tel (214) 243-2610PRESS RELEASEFOR IMMEDIATE RELEASEFor more information, contact:Tel (972) [email protected] OILFIELD SERVICES ANNOUNCES PARTIAL RESTRUCTURING OF CORPORATE INDEBTEDNESSShreveport, LA (September 6, 2017) – Frontier Oilfield Services, Inc. (OTCQB:FOSI) (“Frontier”) Announces a partialrestructuring of corporate indebtedness effective August 29, 2017.On June 30, 2017, Newt Dorsett, an affiliate and major stockholder agreed to exchange approximately $2,013,546in accounts payable and accrued interest for 2,013,546 shares of common stock of the Company.The Board approved the exchange and issuance of the shares as of June 30, 2017. The liabilities exchanged forcommon stock included the affiliates full interest in the accrued interest payable to the stockholder associatedwith the Term Loan Agreement and the Senior Loan Facility. The 2,013,546 shares of common stock were notissued as of June 30, 2017. The shares were issued on August 31, 2017.Don Lawhorne, Chairman & CEO stated, “We are pleased that Mr. Dorsett, the Company’s lead investor, facilitatedthe restructure and remains fully supportive of Management’s plans for near term sustainability and futuregrowth.”Frontier Oilfield Services, Inc.’s primary business focus has been on wastewater recovery and disposal in recentyears. Due to the prolonged down turn in the energy sector the company has scaled back its operations to reflectthe current volume of activity. However, Frontier has modified its acquisition strategy to position itself forconsolidation of existing and new technologies within the energy services sector.FORWARD LOOKING STATEMENTSStatements contained in this release that are not historical facts are forward-looking statements that involve risksand uncertainties. Among the important factors which could cause actual results to differ materially from those inthe forward-looking statements include, but are not limited to, those discussed in “Risk Factors” in the Company’sForms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include,but are not limited to, a limited operating history with no earnings...