FracRock International, Inc., an oilfield service and technology company, based in the jurisdiction of the British Virgin Islands, and Vision Global Solutions, Inc. signed a definitive merger agreement, pursuant to which Vision will acquire FracRock. After completion of the stock-for-stock transaction merger, the company will be named Eco-StimSM Energy Solutions, Inc.
The Chairman of FracRock International Bjarte Bruheim stated in his comments on signing the merger agreement, “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.
By words of J. Chris Boswell, BVI company’s president and chief executive officer, 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.”
Pursuant to the merger agreement and the other transactions contemplated thereby, the officers and directors of FracRock will become the officers and directors of Vision upon consummation of the merger.