Why Medically Minded Inc (OTCMKTS:MMHC) Stock Soared 21%

0
71

Medically Minded Inc (OTCMKTS:MMHC) shares rose 21.43% on Wednesday to $0.00170 and were 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 $69,300 at 49.52 million shares outstanding.

Medically Minded Inc is now named Sixty Six Oilfield Services, Inc. It a third-generation heavy oil field equipment company founded by J.C. Houck in Oklahoma in 1959 that is focused 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 its facilities in Oklahoma City, Germany and Dubai. Its services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment.

In a press release, Medically Minded Inc announced 1st QTR Gross Sales of $1.4M with Net Revenue estimates at $308K for the period ended March 31, translating to quarter over quarter improvements of 155% in gross sales and 276% in net revenue compared to the same period last year.

“We are pleased to announce that our first quarter estimates show strong growth. The Company anticipates the growth to continue in April as we are eyeing a record setting month for revenue,” announced James Frazier, President and Chief Financial Officer. “The Company is positioning itself to take optimal advantage of the improved market conditions. We are on track with our business development plan in an improving oil and gas market. We anticipate the drilling sector to be a leading indicator of overall market improvement from which we expect to benefit.”

MarketsandMarkets global market and research firm projected that the oilfield equipment rental market will be worth $53.7 billion by 2019. “The North American region holds the largest market for oilfield equipment rental, driven largely by the number of drilling and E&P [Energy & Petroleum] activities in the U.S. North America, due to its growing energy needs and flourishing conventional and unconventional drilling and oilfield service industry is the major growth engine for this market,” the report indicated.