Medically Minded Inc (OTCMKTS:MMHC) shares were up 100% on Monday to $0.00100 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $24,800.00 at 49.52 million shares outstanding.
Medically Minded Inc is a company that engages in the production and retail of medical marijuana through its subsidiary. It is headquartered in St. Thomas, Virgin Islands. In a press release, the company announced that it has acquired 66 Oilfield Services, LLC. This is an oil field services company with headquarters in Oklahoma City and is the successor to and third generation of a heavy oil field equipment company founded by J.C. Houck in 1959.
Aside from 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. James Frazier, President, was with Continental Resources 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 downturn in the oil industry.
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 66s 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,” stated Frazier. “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.”
To close this transaction, Medically Minded Inc did not issue additional securities but has instead utilized reissue of the an outstanding 3,000,000 shares of Series A-1 Preferred Stock representing 80% of the company’s equity. The company will also change its name to Sixty Six Oilfield Services, Inc. and a request will be made for a trading symbol to reflect the new name. 66 earned unaudited revenues of $5 million in 2015 with net income of $926,000 and $3.9 million in 2016 with net income of $695,000. Its equipment is considered a commodity and a quality collateral investment which can be held and resold for much higher prices in active periods.
Prior to this, Medically Minded Inc announced a planned acquisition of Skara Restaurants Holdings Inc but Skara’s management has concluded that it is not appropriate for them to be a publicly traded company in reverse merger and has cancelled the transaction.
DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.