SOURCE: Grifco International, Inc.

September 21, 2006 09:00 ET

Grifco International, Inc. Announces Mailing of Notices of Special Shareholder Meeting Set for October 17, 2006 in Las Vegas, Nevada

CONROE, TX -- (MARKET WIRE) -- September 21, 2006 -- Grifco International, Inc. ("Grifco" or the "Company") (PINKSHEETS: GFCI) announced today that official notice of the up-coming Special Shareholders Meeting will be mailed out this week to all shareholders of record as of September 19, 2006. The Company's transfer agent will mail out the notices.

The Special Meeting of Shareholders will be held in Las Vegas, NV on October 17, 2006 at 1:00 p.m. at the Red Rock Resort Casino, 11011 West Charleston Boulevard, Las Vegas, NV 89135. All shareholders are encouraged to attend the Special Meeting. Please note that the Company will not be soliciting proxies from shareholders. We have been advised by experts that in the case of a company that may be subject to "naked short" selling that proxy solicitation is not a recommended practice.

As previously announced, the Special Shareholder's Meeting is being scheduled at the same time as the shareholder's meeting for Tree Top Industries, Inc. for the purpose of getting shareholder approval of merger, asset roll-up, and plan of reorganization. A separate notice of shareholders meeting and definitive proxy statement will be mailed out to the Tree Top Industry shareholders. Shareholders may view this online at www.sec.gov by going to the historical database for EDGAR filings for Tree Top Industries.

At the Special Shareholders Meeting, shareholders will have an opportunity to discuss with guest speakers, auditors and industry experts what the proposed merger with Tree Top Industries means to them in terms of share value and future operations of the two companies. Specific discussion of the reporting requirements of becoming part of a fully reporting company with the Securities and Exchange Commission will be discussed together with compliance with the special requirements imposed under Sarbanes-Oxley and the American Stock Exchange, Inc. On the financial side, shareholders will discuss post merger capitalization and share valuation issues.

Jim Dial, President and CEO, stated, "I have received numerous shareholder inquires about how our strategy of teaming up with Tree Top Industries and getting listed on the OTC.BB and thereafter on the AMEX will affect them and our strategic partners. First, the proposed merger with Tree Top Industries will not affect the dividend payout of 75,000,000 shares of (PINKSHEETS: CTBG) to the 39,682,540 shares of record of GFCI which are entitled to the dividend distribution on the basis of 1 share of GFCI getting 1.89 shares of (PINKSHEETS: CTBG). Second, we have invited Jerry Swinford, President and CEO of Coil Tubing Technology, Inc., to attend the Special Meeting and participate in a panel discussion on the status of the spin-off and dividend payment. Third, we have invited representatives of the Lyamec Corporation and American Finance Corp. to attend the meeting to confirm that they fully support us both here in the USA and in Libya where we are 55% equity partners with them in Global Oil Tools (Libya). Now, we need shareholder support to help us in the hard work ahead of us to transition from non-reporting Pink Sheets to fully reporting status on the OTC.BB and then onward to the AMEX so we can capture the fullest share value for all of our roll-up assets."

Mr. Dial continued, "Borrowing a quote from American Industrialist Jean Paul Getty and founder of Getty Oil Company the 'formula for success is rise early, work hard, and strike oil.' Well, we all have risen early each morning and worked hard each day to get to this point in time where we are less than 30 days away from teaming-up with a fully reporting company like Tree Top Industries listed on the OTC.BB company and then seeking an AMEX listing. I think all shareholders realize that through this plan this is where we 'strike oil' and get payback for all of our investment dollars."

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 industries 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.

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" and 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 and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company.

Contact Information

  • Contact:
    Chicago Investor Relations LLC
    312.238.9875