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Six Six Five Energy, Inc. Executes LOI for Acquisition of Certain Assets by 10sion Holdings, Inc.
Six Six Five Energy, Inc. Executes LOI for Acquisition of Certain Assets by 10sion Holdings, Inc..
About this update from Sixty Six Oilfield Services, Inc.
[{"type":"text","content":"\nOKLAHOMA CITY, Nov. 07, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - Six Six Five Energy, Inc. (OTCBB: SSOF), formerly Sixty Six Oilfield Services, Inc., announces that it has completed and executed a Letter of Intent (“LOI”) for certain assets to be acquired for cash and stock by 10sion Holdings, Inc., and that the Company supports 10sion’s S-1 filing with the Securities and Exchange Commission on October 29, 2018.\n The LOI and S-1 are the first of two steps in the acquisition process.  It should be noted that performance by both parties are required for completion of the anticipated acquisition.  The intent is that 10sion is willing and able to purchase 665 Energy’s Fluid End Sales for an agreed sum of $10.5 million plus equity and, additionally, provide equity and debt capital for Fluid End to complete its anticipated Rig transactions.  Further, Fluid End Sales must meet internal revenue performance benchmarks as agreed between 10sion and Fluid End Sales and, additionally, be willing and able to complete the anticipated Rig transactions with Fluid End Sales’ customers in the event 10sion is able to provide the transaction capital.  Although there is the expectation by both parties that each will be successful in their respective performance requirements, there are no guarantees that the acquisition will be completed.  The next step in the acquisition is the completion, acceptance and execution of a definitive acquisition agreement along with commitments for investment capital, neither of which is complete.  It should be expected that the current S-1 statement by 10sion will be amended and adjusted to reflect the provisions and terms of the definitive acquisition agreement and that the executive management and board of directors of both Fluid End Sales and 10sion, including the role of Mr. Ken Bland, the current Chief Executive Officer of 10sion will be adjusted to best reflect the focus of the company and support the direction of the controlling shareholders. “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, diversi...