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Most likely retail rookie trying to get help slapping the ask.
Big news it best released after trading has started, usually Tuesday thru Thursday. That way the company doesn't create gaps.
Where's the T-trade?
None.
No dilution.
Umm. Doesn't Bland have to sell stock of a vapor company at $4 share before that can happen? S1 isn't coming to fruition.
Profitable company and way undervalued.
#9 on iHub Most Read BOB doesn't hurt either
Yes. Microplastics are a huge issue. Humans that eat sea food have microplastics in their system. Fortunately we can get rid of them.
Plus, the shrimp aren't from the oil-spill laden Gulf of Mexico.
Agree. I figured he can give is 30 days and say he considered it and the S1 is not in the interests of the company. That is totally true. The oil market has changed dramatically since October also. I think we are in a wait and see mode. He doesn't have to refurb entire rigs to make money. He can sub or whatever. The company makes money every quarter. Clayton just needs to get the Bland cloud taken out of the picture. SSOF is way undervalued.
I lived in OKC for a short time years ago. If Clayton is a true OKC person, he will get even plus some for that Bland S1. Just waiting for Bland to get kicked out with a Cartwright boot.
LOL "pre bland chaos" is a good way of stating it. I wonder, if he was being intentionally malicious with that S1. It read that way to me.
I'm expecting another progression in a PR soon. Clayton has gone from might happen, if both parties deliver an amended version of the S1, to no reason to pursue until next year. Now we just need him to say no version of S1 is needed and good-bye Ken Bland.
Correct. He supports in principle but not content.
I expect Bland told him something that sounded feasible but the printed S1 wasn't what Clayton imagined.
Yes. Looking at L2, a whisper of good news is easy short term 4X IMO.
Yep. The company is very profitable too. I've seen pinkies trading for over a dollar without any revenue at all. Amazing.
Yep. Bland wasn't a welcome sight. Clayton needs to take care of FUD and rescind S1. He has alluded to the fact it probably won't happen but he needs to guarantee it won't happen.
OKLAHOMA CITY, Nov. 07, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - Six Six Five Energy, Inc. (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.
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, diversification and expansion, and possible up listing to a broader exchange, all of which are of value to our shareholders. We understand that our public shareholders will have a number of questions regarding our decision to take this step and we will do our best to answer those questions as information becomes available for disclosure to the public,” states Jim Frazier, executive vice president of Six Six Five Energy.
Third Quarter Financial Highlights
Revenues for the third-quarter of 2018 were $2.7 million, up 47% compared to $1.4 million in the third quarter of 2017. Net margins increased to 14% in the third quarter of 2018 compared to 6% in the prior year period.
Third-quarter 2018 net income was $154,000 compared to $258,000 for the same period in 2017. The Company attributes the year-over-year decrease in net income to a change in its product mix and continued expenses related to changes in its corporate structure post-acquisition.
With the acquisition of Five Star and Supply, the Company reports an increase of $8.7 million in its asset base in inventory and equipment.
“In the third quarter we worked on consolidating our business, and going forward we expect to see continued improvement in our overall profit margins. Our focus at this time is to provide a quality product in the challenging and competitive drilling sector, and there are a couple factors we face in meeting this expectation,” states SSOF president and CEO Jason Clayton. “While we anticipated several rig purchases and sale transactions this year, our buyers will likely push these purchases into the first or second quarter of 2019. The rig transaction delay has also delayed our internal financing of the rigs, a portion of which were intended for acquisitions and the purchase of certain high-yield in demand inventory items associated with the rigs such as power swivels or blow out preventers. Accordingly, we are reviewing alternate plans for other potential rig buyers as well as additional funding options, as needed.”
I haven't seen him support the S1. Looks like the intent was overpromised and the S1 is underdelivering to me.
Should be an easy short term 3X IMO.
That's what I think also. Give the S1 30 days and then he can see he considered it carefully and it's not in the best interests of the company. He's already stated it won't happen in its current form.
I think Clayton will give 30 days to sit on the final S1 response. He has already indicated S1 will not happen. I'm looking for his response this week.
Name changed to 665 a few months ago. Checks PRs.
https://www.665energy.com/
Trulia is in between. Pics from the sites do show empty house though. Should not be an active address for a business.
https://www.trulia.com/p/nj/edison/81-tingley-ln-edison-nj-08820--2008292771?mid=7#lil-mediaTab
Realtor.com show it as off market. https://www.realtor.com/realestateandhomes-detail/81-Tingley-Ln_Edison_NJ_08820_M64930-60022
CEO Jason Clayton: “While we anticipated several rig purchases and sale transactions this year, our buyers will likely push these purchases into the first or second quarter of 2019. The rig transaction delay has also delayed our internal financing of the rigs, a portion of which were intended for acquisitions and the purchase of certain high-yield in demand inventory items associated with the rigs such as power swivels or blow out preventers. Accordingly, we are reviewing alternate plans for other potential rig buyers as well as additional funding options, as needed.”
Bland's funding through S1 (Not that he can get $4 per share for vapor company anyway)isn't needed and not expected to happen IMO
Have some whales slapping the ask here. Think it will get back to 1.2 soon?
I think a quick read of Bland's S1 was revealing enough.
I'd like to see the company buy all of Bland's common shares at .003 or so under the condition Bland takes a hike forever from SSOF.
Lots of possibilities from this point but Clayton has said S1 will not go forward in its present form and might not go forward under any circumstances. Clayton is in driver's seat.
Throughout all of this I've wondered if the player (Bland) might have gotten outplayed by Clayton. Think about it. Clayton's recent PRs have pretty much said the S1 will not happen under its current terms and might not happen regardless of terms. I'm expecting a pr soon that specifically states it's not going to happen. Maybe 30 days from S1 would be good target date. That way Clayton can say that he fully considered it and that it's not in the best interests of the company. I would like the pr to avoid saying "at this time" and simply say "ever."
If Bland rescinded his own S1, the ps would go up 5x, then he could pay his mortgage from his common shares.
Raising funds is a rather huge obstacle.
Clayton's PRs don't reflect any desire to hurry, any desire to agree to S1 as is, any need for the funds until maybe 2nd qtr 2019, if then.
My hunch is that Bland and Clayton will never reach an agreement on the S1.
Correct. Clayton has been making money in the oil business for a long time. I'm sure he'll find a niche to replace the oil refurbishing venture. S1 wasn't received well by him or shareholders. I think he'll slam the door in Bland's face.
You should give Clayton more credit. In each PR since the S1, he has indicated the S1 will not come to fruition as proposed, if at all. The submitted S1 was most likely insulting to him. He's probably waiting for the right opportunity to squash Bland like a bug. Give him time. I'm sure he's had to play hardball in the oil business before.
Read the PRs by Clayton. It's apparent that Bland made him an offer he can absolutely refuse.
Did they have 20 - 25 employees?
Need a new story line since it's apparent S1 is dead in the water?
Look at history of 5 Star. That is the relevant history here. Annual profits are higher than market cap. Undervalued?
The oil market has changed drastically in the past few months, as you probably know. It just doesn't make sense to pursue oil rig refurbishing at this time while companies are in wait and see mode IMO. The Permian Basin is still a strong oil production market but globally oil is in surplus right now. https://www.axios.com/permian-drillers-infrastructure-pledge-texas-6426fb50-e0a1-474c-a296-f4bf3db3b9fe.html
Why did you even ask that question?
purchase of certain high-yield in demand
inventory items associated with the rigs such
as power swivels or blow out preventers.