SOURCE: GRIT International, Inc.

GRIT International, Inc.

May 05, 2010 02:00 ET

GRIT International Inc. Announces 2 Letters of Intent for Total Acquisition Price of $17 Million

GRANDE PRAIRIE, AB--(Marketwire - May 5, 2010) - GRIT International Inc., "GRIT" (FRANKFURT: 3GR1) (PINKSHEETS: GRIG) announces the signing of two (2) Letters of Intent (LOI) for an aggregated sum of $17.0 Million. Both LOIs is a combination of stock, institutional financing, vendor take-back, and capital raised. The two (2) acquisitions will increase GRIT's annual income to be projected at $15.0 Million.

GRIT has secured the LOIs with an initial cash deposit and has Senior Intuitional Debt Financing expressing a written 80% funding interest in the packaged deal.

The first company will compliment GRIT's overall focus and mission of becoming the number "1" consumer of paint/coating products, in North America. With core business strengths that would allow GRIT to expand throughout Western Canada; marketing prominently to the Oil (Tar Sands) & Gas (Shale) Sector. A launch, within Western Canada; of a proven coating's product from the UK, which will allow GRIT to inherit Western Canadian Rights to the product, and exponentially offer organic growth revenue projections .

The second company will provide GRIT with over a decade of Manufacturing, Blasting, and Painting. Allowing GRIT to expand throughout Canada and penetrate the United States Market. GRIT would also inherit Proprietary Technology from within this acquisition. Technological advancements will be incorporated throughout the fabrication cycle, always providing to our customers the latest advancements in innovative solutions. 

GRIT has experienced what financial solutions are available at this time, and is strongly going to pursue a viable solution to financing for its customer base. Utilizing the public capital strategies GRIT foresees a required need of offering financial services to its customers; to further along their growth plans. 

GRIT'S management will be expanding incorporating the Presidents of each acquired companies, welcoming in the expertise and wisdom that these two companies will be pursing. Key management will provide direction and growth, following along with GRIT's mission and focus.

GRIT INTERNATIONAL INC. GRIT International Inc. is a Canadian based company, registered in the State of Nevada; with its ultimate goal in to becoming the Number "1" Consumer of Paint/Coatings products in North America. With an objective to become a major Industrially Specialized Service Providers in the composite Abrasives Blasting & Paintings/Coatings Sector; seeking to set service standards in Craftsmanship and Quality, with service continuity and product guarantees. 

Safe Harbour Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Contact: GRIT International Inc., Investors Relations. Website: www.gritintl.com; E-mail: grit-admin@gritintl.com

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