SOURCE: Grifco International, Inc.

September 20, 2006 18:58 ET

Lyamec Corp to Attend Grifco Shareholder Meeting

CONROE, TX -- (MARKET WIRE) -- September 20, 2006 -- At its quarterly conference and presentation session with investors, sponsored by American Finance Corp, on Monday, September 18th, 2006 at the Houstonian Resort and Conference Center in Houston Texas, The Lyamec Corporation announced that its representatives would be attending the shareholders meeting in Las Vegas on October 17, 2006. The representatives will make their presentation as well as answer questions on issues regarding the ongoing Global Oil Tools Libya facility project.

During the presentation, Interim CEO RG Raymond, stated, "Grifco International's 55% ownership rights in the ongoing Libya facility project is currently in full force and in full compliance." Adding, "As we have made it publicly clear on numerous occasions, the criteria for a mutually acceptable, and successful relationship requires that Grifco International (PINKSHEETS: GFCI) secures proper valuations with emphasis on a stronger listing platform such as the American Stock Exchange (AMEX). Transparency is a requirement for all concerned, and especially for our future partners."

Global Oil Tools 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. 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 Oil Tools' 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.

At the conclusion of the presentation, a clear vote of confidence from the attendants was noted when Raymond announced that executive level, operational and management roles in both Global Oil Tools USA and Global Oil Tools Libya would soon become a unified effort under his watch.

About Grifco International, Inc. subsidiary Global Oil Tools, Inc.

Global Oil Tools, Inc. ("Global"), located in Houma, LA, specializes in the manufacture of wireline tools, downhole flow control and surface equipment for the oil and gas industries. Its tools are used worldwide and are interchangeable with major service company tools, providing enhanced compatibility and usage in inventory and field operations. Global is ISO 9001 and A.P.I. Spec. 14A certified, and its ongoing Quality Assurance Program ensures continuous improvement beyond these stringent specifications from concept design through field deployment.

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.

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.

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:
    Patrick Riggs
    Investor Relations
    The Lyamec Group
    Email Contact
    +1-713-542-9996