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Author Topic: GFCI >>> huge news merger .19
Prdponce
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Prdponce
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GRIFCO INC (U-GFCI) - News Release
Grifco International Considers Merger and Acquisition Offers from the United States, the United Kingdom, and Libya

2006-06-08 14:22 ET - News Release


HOUSTON -- (Business Wire) -- June 8, 2006

Grifco International Inc. ("Grifco" or the "company")
(Pink Sheets: GFCI) announces that it is reviewing several offers to
merge or to be acquired. Current offers originating from the United
Kingdom, the United States and Libya range from GBP 28 million British
pounds (USD $49 million equivalent) to GBP 36 million British pounds
(USD $59 million equivalent). "The timing to move on Libya with
Lyamec was a catalyst for the merger and equity investment overtures.
Now that Libya has fully normalized diplomatic relations with the
United States, oil prices, oil service companies, and especially oil
service companies with a footprint in the Middle East, are at a
premium," stated Jim Dial, president and CEO of Grifco International.
Libya's highest priority is increasing oil and gas production
through the revitalization and overhaul of underperforming oil fields
with proven reserves to their previous production levels. Libya's
expanding onshore/offshore exploration and production has created
robust demand and a growing market for American oil equipment and
services. In a statement issued by RG Raymond, interim CEO of Lyamec
Corp., "While we regard this as a positive development, we will
carefully review our options to ensure the basis of any transaction
falls within the parameters of our objective to effect managerial
change at Grifco." Adding, "Clearly, the positive political climate
both here and in Libya places an improved position on the options."
The Global Oil Tools Libya facility in Misurata is strategically
located to provide ready access to critical key distribution points
from which Global can deliver tools to regional customers on a
just-in-time basis. Global's advantage in North Africa is the ability
to provide a localized, fully integrated development, manufacturing
and shipping facility over competitors shipping tools from distant
distribution centers. "Given the geography of the regions and Lyamec's
approach to the vast opportunities on current Libyan projects, Grifco
requires a 'finesse approach' to restructuring operations and
policies. While some aspects of the negotiations could complicate the
chances for closing a deal, the participants should be able to see
eye to eye for a successful outcome and one has to ask how easily
three cultures can collaborate," stated Ben Gala of American Finance
Corp.
In anticipation of the additional volume from Libyan and other
customers, Global Oil Tools is within reach of accepting additional
orders through recently acquired additional CNC machines and ongoing
installations of enhanced order processing and management systems.
Global expects this modernization to provide the company with the
capacity to rapidly fulfill current back orders and future volume
projected from recently reinvigorated oil and gas wells left stagnant
in Libya since the mid-1980s. Over the last year, a preponderance of
stagnant oil wells throughout the world are under redevelopment,
taking advantage of the record rise in oil prices and creating a
significant demand for oil and gas well maintenance and overhaul
tools, such as those patented and manufactured by Global.

About Grifco International Inc.

Grifco International is a leading provider of oil and gas services
equipment, specializing in the conception, architecture, and
development of tools for the coil tubing, wire line, and snubbing
industry throughout the United States, China, Mexico, South America,
the Middle East and Africa. Grifco holds and owns design rights and
manufacturing facilities for producing more than 6,000 products for
the oil and gas industry with more than 150 clients, boasting the
biggest names in the business, including Halliburton, Exxon Mobil
Corp., and Schlumberger.
For more information, please visit: www.grifco.org.

About The Lyamec Group

The Lyamec Group (www.lyamec.com) was established in 1999, to
fulfill the existing and expanding demand for U.S.-made products as
outlined by President Clinton in 1999. The Lyamec Group provides vital
assistance in laying unique and integrated platforms with cross-border
assets to further streamlining efficient and effective opportunities
and solutions.

About American Finance Corp.

American Finance Corp. is an investment banking firm that provides
support on mergers and acquisitions (M&A), corporate finance, and
valuation services. Our products focus predominantly on privately held
small- to medium-sized businesses, and on transactions ranging from
USD $1 million to USD $130 million over a variety of industrial
applications. www.americanfinanceco.com

Forward-Looking Statements

Certain statements in this release, and other written or oral
statements made by the company, including the use of the words
"expect," "anticipate," "estimate," "project," "forecast," "outlook,"
"target," "objective," "plan," "goal," "pursue," "on track," and
similar expressions, are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance, or achievements of the company to be different from those
expressed or implied. The company assumes no obligation and does not
intend to update these forward-looking statements. Among the important
factors that could cause actual results to differ materially from
those indicated by such forward-looking statements include, without
limitation: competitive and general economic conditions, adverse
effects of litigation, the timely development and acceptance of our
products and services, significant changes in the competitive
environment, the failure to generate or the loss of significant
numbers of customers, the loss of senior management or increased
government regulation.
Contacts:

Princeton Research Inc.
Mike King, 702-650-3000

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Teno
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.22... missed that one!
Posts: 200 | From: Rhode Island | Registered: Mar 2006  |  IP: Logged | Report this post to a Moderator
Green_effect
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There is already a thread for this.

--------------------
Please do your DD. Break some bread with me!

Posts: 1138 | From: atlanta | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
   

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