$MMHC huge news! Medically Minded, Inc. Announces Acquisition of 66 Oilfield Services, LLC of Oklahoma
http://finance.yahoo.com/news/medically-minded-inc-announces-acquisition-120000201.html
OKLAHOMA CITY, OK / ACCESSWIRE / March 20, 2017 / Medically Minded, Inc. (OTC PINK: MMHC) now named Medically Minded Holding Corp., announces that it has acquired 66 Oilfield Services, LLC, (66) an oil field services company with headquarters in Oklahoma City.
66 is the successor to a third generation heavy oil field equipment company founded by J.C. Houck in Oklahoma in 1959. 66 focuses on supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers world-wide through facilities in Oklahoma City, Germany, and Dubai. Management of 66 has strong management and a proven technical and logistical track record of high value and performance.
James Frazier, President, has over 25 years of financial accounting and control experience as a former President and CFO with several publicly held domestic and international oil and gas companies on both the OTC and the TSX. Most recently, Mr. Frazier was with Continental Resources.
Donald Woods is VP and Chief Operating Officer with over 20 years of heavy oil field equipment and equipment service logistics companies.
Other officers and Directors included Joseph Wright as VP, Sales Manager and a Director, Mr. John Johnston, President of Johnston Mud & Chemical, is serving as an independent Director, and Mr. Glen Houck Sr., J.C. Houck's son, is a Director. Both Mr. Wright and Mr. Johnston bring more than 25 years of oil field equipment and services sales knowledge and experience to the Company's Board. J.C. Houck's son, Mr. Glen Houck, Sr., is also the Director, and representative for the Houck Family Ventures, which are the majority shareholders of 66 the Company. Mr. Houck has been in the heavy oil field equipment industry for over 35 years and has developed quality long term relationships throughout the drilling industry. 66's pipe yard is 40+ acres, holds in excess of $4MM of equipment and pipe inventory at any given time and employees 10+ inspectors and equipment specialist.
In addition to drill pipe and rig related equipment, 66 currently purchases and refurbishes custom rigs on a regular basis for resale through a joint venture with Oklahoma Rig Fabricators and Five Star Rig & Supply, both of Oklahoma City.
66 earned unaudited revenues of $5 million in 2015 and $3.9 million in 2016 with net income of $926,000 and $695,000, respectively.
Jim Frazier and his staff will continue to pursue the purchase of heavy-weight drill pipe, drill collars, custom rigs, and other select drilling equipment which are available at distressed prices due to the down turn in the oil industry. This equipment is considered a commodity and a quality collateral investment which can be held and resold for much higher prices in active periods. Mr. Frazier said that currently, there are a number of rigs and rig equipment which were ordered during the more active drilling periods that have not been accepted for delivery, not used, or not fully paid. This excess inventory needs to be quickly sold to free up needed cash for 66's vendors and partners. This creates an opportunity to purchase new equipment on a limited basis well below market prices which 66 can resell at better prices throughout our world-wide network to the benefit of our shareholders. Becoming a publicly traded company will provide us better access to financial markets and capital to best execute our business plan. Mr. Frazier stated further, "We are in process of completing a financial audit and plan to file a Form 10 under the Securities Exchange Act as soon as possible."
The Company did not issue additional securities in the transaction. The Company has utilized reissue of an outstanding 3,000,000 shares of Series A-1 Preferred Stock representing 80% of the Company's equity. In connection with the acquisition of 66 described above, the Company will change its name to Sixty Six Oilfield Services, Inc. and a request will be made for a trading symbol to reflect the new name.
The Company engaged in a holding company formation in December 2016, in which its name was changed to Medically Minded Holding Corp.
The Company previously announced a planned acquisition of Skara Restaurants Holdings Inc. Skaras management has concluded that it is not appropriate for Skara to undertake becoming a publicly traded company in reverse merger with the Company at this time and has cancelled the planned acquisition.
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