Sixty Six Oilfield Services Inc (SSOF)

[wadirum1]

Here is what SSOF had been claiming prior to today's PR:

3. CONVERTIBLE LOANS
The Company entered into seventeen convertible loans with a third party during beginning in
December 2014 and during the 2014 and 2016 calendar years. The loans aggregate $391,666.67,
have a one year maturity and bear interest at 9% per annum. They are convertible into common
stock at a discount of 30% to the then current market price of the common stock. All loans prior
to September 30, 2015 are in default. The Company has no and does not expect to have any
means of repaying the loans according to their terms and it does not have sufficient authorized
and unissued common stock to convert the loans. Furthermore, the Company does not have
sufficient authorized and unissued shares of common stock to honor the conversion of the notes.
Page | 10
A former affiliate of the Company has an agreement to acquire the notes from the lender and,
upon payment of the acquisition price, to satisfy the notes in full by means of conversion of notes
into whatever number of shares of authorized and unissued common stock the Company has
available at the conversion date.

I guess that "agreement" kind of disappeared -- conveniently enough just after the last block of shares got sold (at higher prices). Well done! (Unless one is viewing this from the standpoint of current shareholders.)

Also, if the aggregate value of the loans was $391K and hundreds of millions of shares have been issued to pay some of those loans, then shouldn't the balance be lower than $391K?

I am still amazed by what Ken Bland got away with regarding PROG and this entity's other tickers over the years...