FracRock International, Inc., an oilfield service and technology company incorporated in the British Virgin Islands, signed definitive agreement with Vision Global Solutions, Inc., which is a shell company. Under the terms of the merger agreement, Vision will purchase FracRock in a stock-for-stock transaction. Prior to the merger, Vision will undertake a 480:1 reverse stock split. Upon completion of the merger, the combined company will be named Eco-StimSM Energy Solutions, Inc.
Upon consummation of the merger, the officers and directors of FracRock will become the officers and directors of Vision.
The Chairman of the BVI company, Bjarte Bruheim, stated in his comments to the transaction: “This merger is the next step in progressing the FRI business plan as we are now focused on building backlog for our proprietary unconventional field management system while bringing an eco-friendly well stimulation and completion service offering to the international markets.”
J. Chris Boswell, FRI’s CEO and president, said: “This merger will provide FRI a public platform so that capital can be accessed more quickly to support the purchase of equipment needed to execute multi-year service contracts as we secure them.”