NEW YORK, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Sixty Six Oilfield Services, Inc. (OTCBB:SSOF) is excited to announce 2017 year end net revenue estimate of $1,142m on gross sales of $5,957m. Compared to 2016 with $695k of net revenue on gross sales of $3,920m, the Company anticipates year over year improvements of approximately 52% in gross sales and 64% in net revenue. The Company increased its margins from 19% to 24%.
This is a banner year for Sixty Six and is good news for our shareholders. However, the Board of Directors feels that we can do even more to build value and has taken the step to take advantage of improving market conditions in a number of sectors outside Oil and Gas. The Company will expand into two major areas, marketing/advertising and mobile technology. While "the current oil and gas market provides a great opportunity for the Company to increase sales substantially in 2018 and we are quite pleased with our 2017 progress," an additional focus of the Company is to provide a compelling offering to our stakeholders through holdings across two non-correlative industry sectors, energy, marketing/adverting, and mobile technology. This allows for optimal diversification and takes advantage of relationships the Company has already in place. The re-engineered Company creates a more balanced portfolio that is globally competitive, and builds immediate value for all debt and equity stakeholders; leveraging the current super-heated market environment.
Jim Frazier has elected to step down as President to focus solely on the development of the oilfield service sector and is renamed as Executive Vice President. Dave T. Ho has been elected President, Chief Executive Officer and serves on the board of directors. The new directors and officers replace prior management. Mr. Ho said: "We are excited to announce the start of a new global marketing business." The Company's new business plan now includes developing and acquiring successful advertising, marketing and digital businesses while continuing to grow the oilfield services business at market pace. Mr. Ho continued: "We plan to create shareholder value by building an agency that is on the vanguard of the growing demand for Customer Experience Management (CXM). This discipline applies customer analytic technology to map the entire customer experience journey, to build brand loyalty. Our focus on customer-centric models transforms business intelligence, and will help our clients build lifetime customer engagement in order to compete in the new digital marketplace."
Mr. Ho is a marketing veteran with over 20 years as a business owner and marketing executive. Mr. Ho has a MFA from Yale University and has been a partner at two successful marketing agencies in Connecticut, Design Trust Inc. and York & Chapel, Corp., where he is currently president.
About the Company
Sixty Six Oilfield Services, Inc. is located on Lexington Ave in Manhattan, NY and is a Nevada registered holding company. The company is actively pursuing a strategy of acquiring a diverse range of strategic marketing and technology businesses for its portfolio. The Company is continuing its oilfield services business and will maintain its offices in Oklahoma City.
Learn more at www.sixtysixoilfield.com.
SAFE HARBOR INFORMATION
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
For more information, contact:
Sixty Six Oilfield Services, Inc.
450 Lexington Ave
New York, NY 10017
Source:Sixty Six Oilfield Services, Inc.