Sixty Six Oilfield Services Inc (SSOF)

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SSOF news>>> SIXTY SIX OILFIELD SERVICES ANNOUNCES ENGAGEMENT OF INDEPENDENT AUDITOR AND RENEGOTIATION OF CONVERTIBLE DEBT

Oklahoma City, OK -- AUGUST 07, 2017 -- InvestorsHub NewsWire -- SIXTY SIX OILFIELD SERVICES, INC. (OTCPink: SSOF) announces that it has engaged MaloneBailey LLP, a certified independent accounting firm of Houston, Texas, to audit its financial statements for the fiscal years ended December 31, 2015 and 2016. Audited financial statements are required for the Companys planned filing of a registration statement on Form 10 with the US Securities and Exchange Commission.

James Frazier, the Companys President, stated: MaloneBailey has extensive experience in audit work for the oil & gas industry. Engagement of the firm puts us one step closer to achieving our goal of registering with the SEC, which we anticipate will occur in early Fall of this year. As exciting as this step is in positioning our Company for growth, this news is overshadowed by a renegotiation of our convertible debt, substantially eliminating its equity overhang of the market for our common stock.

The Company has approximately $399,000 in convertible debt originating in transactions before the acquisition of 66 Oilfield Services, LLC on March 14, 2017. The Company and the debt holder have agreed to suspend convertibility and the accrual of future interest on approximately $377,000 of principal, to extend the maturity date to September 30, 2020 and to a payoff of that principal and accrued interest through June 30, 2017 for a total fixed amount of $450,000, paid in eight installments beginning September 30, 2017.