Lyamec in Agreement With Grifco on $2.25 Per Share Offer LONDON, July 7 /PRNewswire/ -- Lyamec announces that it has reached an agreement with Grifco (Pink Sheets: GFCI) to move on the USD $2.25 per share offer: 'We look forward to receiving fully executed documents in the upcoming days, and look forward to move to closing.' Lyamec states acquisition initiatives on the 5 year outlined USD $76.5 Million GPC approved Libya facility entails an additional premium of USD $28 Million to be paid directly to Lyamec. In a statement by Interim CEO RG Raymond, 'Clearly, it would be an unwise decision on anyone's part to perceive that any offering to acquire a majority stake of Grifco at this stage will lead to leveraging their position on the Libya facility without our approval, regardless of Grifco's current assets and or commercialized tools and products. Notwithstanding this, Grifco is now to resume consolidating its assets for closing.'
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.
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. 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.
Global Oil Tools (Pink Sheets: GFCI) is ISO 9001 and A.P.I. Spec. 14A certified and Quality Assurance Program conforms to all specifications set forth in ISO 9001 (ANSI/ASQC Q91) and A.P.I. Spec. 14A. Global has strict quality control standards, starting with the purchase of raw materials, through the manufacturing process, the inspection process, and the shipping process. Global maintains complete traceability on every product manufactured.
Posts: 525 | From: nashville | Registered: Jun 2005
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posted
any OS info? market cap, float, etc. nothing is available (neither pink sheets nor company website... sure, should be good play on Monday... just out of curiosity - why they moved from OTC to Pink?
historical PRs:
LTBI Acquires Grifco International, Inc. LAFAYETTE, LA -- (MARKET WIRE) -- November 19, 2004 -- LitFiber, Inc. (OTC: LTBI) (as of 11/19/04 symbol will be (OTC: GFCI)) announces it has acquired Grifco International, Inc., a provider of oil and gas services equipment to the worldwide oil and gas industry.
Grifco International specializes in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the US, China, Mexico and South America. Grifco is the leading purveyor of jarring tools for the oil field in the world; Grifco's clientele of Fortune 500 and 100 companies, national oil companies, and supermajors includes the most recognizable names in the oil and gas industry:
Exxon Mobil Kerr McGee Hydra Rig Varco B.J. Services Halliburton Energy Services Pemex Pdvsa Venezuela Wireline Specialties Progressive Oil Tools Canada Shell Coiltech Coil Tubing Services ABC Nitrogen Cudd Pressure Control Superior Pro Coil Dowell Schlumberger Steward Stevenson CNPC (Chinese National Petroleum Co.) Enmax China Weafri Well Services (Nigeria) J and J international Sonal Pedcor PT Wasita (Jarkarta) Maersk Oil (Denmark) Baker Oil Tool (Worldwide) Weatherford (Worldwide) Venline (Venezuela) Petro Tech Coil Tubing (Mexico) TriCan (Canada) Coil tubing Company Blowout Tools Cavins Fishing Tools San Antonio Services (Argentina) ACT (Action Coil Tubing)
Terms of Litfiber's acquisition of Grifco include a name change to Grifco International, Inc. to incorporate the Grifco business plan, a new symbol assigned by Nasdaq, and a 20:1 reverse split. NASDAQ has received everything necessary to effect the name change and reverse split for Grifco International, Inc. Effective at the market open on 11/19/04, the new symbol for Grifco International, Inc. will be GFCI (OTC: GFCI). As part of the acquisition, John Jarvis has tendered his resignation as CEO of Litfiber. Grifco International CEO Jim Dial will assume the role of Chief Executive Officer and President of Grifco International, Inc. Please note, Grifco International retains all Litfiber assets, including but not limited to telephony equipment, accounts, accounts receivable, contracts, Letters of Intent, representations, and agreements. John Jarvis will remain as a consultant to the company on telephony related matters.
A private company for over fourteen years, Grifco has become public in order to reflect earnings and profit through public dissemination and filings. Grifco has crafted a plan to acquire mid sized companies and competitors in the oil services field and align them horizontally in the Grifco service offering to create an oil and gas services conglomerate. Grifco's target acquisitions combine to reflect more than $50 million in annual sales.
Twelve years ago, Grifco engineered and patented a 2N1 (two directions in one tool) jarring system still employed and sold throughout the world. This 2N1 system was the first in the industry which allowed the operator to jar in both directions, as may be required, forever putting Grifco on the oil industry map.
LitFiber is a full service, engineering based, Fixed Wireless, Web Development and Telecommunications Company. LTBI combines expertise in wireless business communication systems, system integration, computer telephony software deployment, IP telephony, data networking with unparalleled customer service. Grifco feels the Litfiber telephony platform offers potential synergy with the extensive International client base of Grifco International, Inc.
Grifco International Inc. 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 US, China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Company cautions the assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the Company's forward-looking statements are found in our SEC filings.
Contact: LitFiber, Inc. www.grifco.org Jim Dial (337) 233-8761 ir*grifco.org
SOURCE: LitFiber, Inc.
**********************************
Grifco International Acquires Global Oil Tools and Global Libya Manufacturing Facility Project
Published: Mon, 11 Jul 2005, 14:28:00 GMT
Edited by Beverly West, Staff Writer
HOUSTON, TX - July 11 (SEND2PRESS NEWSWIRE) -- The Lyamec Corporation announced today that Grifco International's (OTC Pink Sheets: GFCI) acquisition of Global Oil Tools for $4.5 million in cash and stocks has been finalized after intense negotiations involving Global Oil Tools, The Lyamec Corporation and American Finance Corp.
The combination of cash and stock allowed Grifco to negotiate better acquisition terms than that of the previous LOI in February, 2005. The new terms provide a superior transaction for Grifco's share holders. Grifco acquired Global assets without having to assume the liabilities of approximately $840,000.00 USD. This strategic acquisition is an attractive fit with Grifco's overall operations and capabilities.
The acquisition of Global Oil Tools enhances Grifco's ability to realize significant economies of scale by targeting synergies in a number of operations and corporate functions, including: cost savings, productivity, opening new markets, and accretive on earnings and cash flow per share basis, which creates long term investment value for shareholders.
Additionally, under a marketing development and marketing agreement with The Lyamec Corporation, Grifco has positioned itself for a 55% stake ownership of the technology transfer, manufacturing and distribution rights for Libya, The Middle East, Africa, and Azerbaijan. In connection with this transaction, Grifco would now directly benefit from a 20 million USD order originally set to kick start the Libya manufacturing facility in Libya. The Libya manufacturing facility currently approved for implementation under Libya's Law #5/1997, will pave the way for Grifco to access and expand its international sales by tapping a 400 million USD market. The strategic manufacturing facility is staged to be one of the most advanced manufacturing and distribution facilities in all of Africa.
Overhauling and modernizing Libya's deteriorating oil fields and restoring them to their previous production levels after 25 years of U.S. sanctions presents an excellent opportunity for Grifco to sell its oil, tools, coil tubing and jet motor units. As is already expected, rentals of these advanced patented technologies have built a backlog of advance inquiries to utilize these units. The long awaited delivery of these items has attracted a wide array of Libyan representation and rental outlet requests to manage the sought after technology.
The Lyamec Corporation, a merchandising, distribution and marketing company with advanced specific market targeting and market campaigning capabilities, is leading the promotion of Grifco's new technologies in the region. "I sincerely thank R. Raymond at Lyamec, and Ben Gala at American Finance for their efforts. We truly would not have been able to put this deal together with out their dedication," said W.J. Barnhill of Global Oil Tools in a prepared statement. "They are the most visionary and efficient group I have ever met up with. I would also like to thank CEO Jim Dial for his dedication and candor. I feel that with his strength and knowledge at the helm, everyone will be better served in the long run. All of us bring knowledge and history into this win/win relationship. Now that we are share holders of Grifco International, we will be vigorous in ensuring that we are running a tight ship."
Additionally, American Finance Corp, who owns 20% of The Lyamec Corporation, has entered into agreement to provide export facilitation to help Grifco sustain the supply and commercial marketing aspects of the jet motor units. Further, American Finance Corp. has been retained by Grifco International to provide access to more than 40 Million USD in financial support in order to promote and export U.S. products to the contracted markets.
For more information, contact: R. Raymond, of Lyamec Corporation, +1-281-599-8990, rg * lyamec.com.
NEWS SOURCE: The Lyamec Corporation
******* Grifco International Considers Merger and Acquisition Offers from the United States, the United Kingdom, and Libya 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.
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.
Princeton Research Inc. Mike King, 702-650-3000
Source: Business Wire (June 8, 2006 - 2:22 PM EDT)
quote:Originally posted by weatherbill: <snip> have to wait for more info....tricky wording...may just be an agreement between gfci and lyamec on their part of GFCI holdings...... <snip>
any luck for getting info?
Posts: 420 | From: Canada | Registered: Feb 2006
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posted
been chatting with other folks....lots of peeps say gap, dip then they are buying on the dip, so I expect that's what's gonna happen, so watch for a dip if you want a day trade on this....
the only acception being is if we get a clarifying PR stating a full clear buy out, then just jump in for the ride up......it's going to be crazy either way
Posts: 525 | From: nashville | Registered: Jun 2005
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posted
Who knows what is going to happen...it is up 100% from Friday. There may be alot of early profit taking.
Posts: 122 | From: Qatar | Registered: Nov 2004
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-------------------- "Civilians cannot and will not understand us because they are not one of us. The Corps - we love it, live it and shall die for it. If you have never been in it, you shall never understand it. Semper Fidelis!" - GySgt Brad Lemke Posts: 122 | From: Qatar | Registered: Nov 2004
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-------------------- "Civilians cannot and will not understand us because they are not one of us. The Corps - we love it, live it and shall die for it. If you have never been in it, you shall never understand it. Semper Fidelis!" - GySgt Brad Lemke Posts: 122 | From: Qatar | Registered: Nov 2004
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-------------------- "Civilians cannot and will not understand us because they are not one of us. The Corps - we love it, live it and shall die for it. If you have never been in it, you shall never understand it. Semper Fidelis!" - GySgt Brad Lemke Posts: 122 | From: Qatar | Registered: Nov 2004
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posted
I bought 16,000 shares at .30 and sold out at .365 for a nice $1000 that took 2 min and 18 seconds!
Posts: 26 | From: PA | Registered: Mar 2006
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