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Grifco International Reaches Agreement With Lyamec on Proposed Offering
HOUSTON, TX -- (MARKET WIRE) -- 07/17/06 -- Grifco International, Inc. ("Grifco" or the "Company") (PINKSHEETS: GFCI) announced today that it has reached an agreement with Lyamec on a $2.25 proposed offering. Filings for either foreign securities registration or U.S securities registration are currently under review.
Further, Grifco announces that it has adopted resolutions to protect assets and to fend itself off as a target opportunity for a hostile takeover, with additional consideration and security in connection with Global Oil Tools Libya. In accordance with adopted resolutions and pursuant to agreements in place, Grifco International is to commence completion of consolidated audited financial statements as well as begin required asset separation agreements with certain subsidiaries as part of the offering. Pursuant to the terms of the asset separation agreement, certain subsidiaries will become "stand-alone" companies. The stand-alone company will operate independently of Grifco.
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 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 (http://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.
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.
Contact: Patrick Riggs Investor Relations The Lyamec Group Email Contact +1-713-542-9996
-------------------- Insanity: doing the same thing over and over again and expecting different results Posts: 491 | Registered: Jun 2006
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So how does everyone translate this? This most likely isn't a buy out is it?
-------------------- Insanity: doing the same thing over and over again and expecting different results Posts: 491 | Registered: Jun 2006
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Lisbon - A source from Galp Energia said today that Galp Energia will launch a takeover to Grifco International Inc . Galp Energia, will notifie next friday the Portuguese National Securities Market Commission (CNMV) that it was willing to waive the condition of a 75% minimum acceptance level to which its public offer for the acquisition of Grifco International Inc shares was subject, taking into consideration that the response received will be sufficient to develop the business project pursued through the takeover bid. Galp Energia will launch a takeover bid for Grifco International Inc with the payment of $3.65 USD for each of the that responded to the tender offer, this initial offer could reach the limit of price of $4.10 USD for each share of the company.
About Galp Energia :
Born in the year 2000, Galp Energia is the holding responsible for the reshaping of the portuguese energy sector, in the oil and natural gas businesses. Our goal is to build a national oil and gas company, compliant with modern international standards, to be a key player in the Portuguese economy, and to grow in the international energy industry, by becoming a relevant competitor in the Iberian market.
Our commitment is to secure the consumers' preference through integrated energy offers and complementary services in the markets where Galp Energia may obtain competitive advantages, adding value to the shareholders, clients and employees.
Galp Energia, SGPS, S.A.
Edifício Galp Energia Rua Tomás da Fonseca 1600-209 Lisboa Portugal
-------------------- Insanity: doing the same thing over and over again and expecting different results Posts: 491 | Registered: Jun 2006
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some people trying to say if fhal went crazy on similar news on little proof then this could go up to .80/$1. not sure i believe all that but the off above $2 why not play this? afterall the stock has pulled back so might be atleast a double in here somewhere imho.
i almost bought on friday when .19 was on the ask never could get filled so cancelled order after the stock had trouble with .20. i'll be watching for a jump off the 50. glta!
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