SOURCE: Grifco International, Inc.

June 28, 2005 09:00 ET

American Finance Corp. Announces Agreement With Grifco International

NEW YORK, NY and LONDON -- (MARKET WIRE) -- June 28, 2005 -- The American Finance Corp. today announced that it has entered into an agreement with Grifco International (OTC: GFCI) to provide financial and credit advisory assistance in connection with Grifco's Lyamec facility. The retention of American Finance Corp. by Grifco International will become effective on June 30th, 2005.

Credit facility and financial processing services to be provided by American Finance as part of the agreement include access to 40 Million USD in export facilities including the sale and merger of Global Oil Tools, Inc., as well as Grifco's Jet motor and nozzle units currently awaiting delivery.

The agreement between American Finance Corp. and Grifco International further calls for structuring, negotiating and effecting all transactions pursuant to the terms and conditions set forth in the agreement. Terms further provide options which include refinancing and/or the extension of Global Oil Tools Inc.'s current outstanding obligations.

Today's agreement clears the way for distribution in Libya, Egypt, Algeria, including Gabon, Congo, Cameroon, Tunisia, Equatorial Guinea, the Democratic Republic of Congo, and Cote d'Ivoire, which is currently in negotiations with The Lyamec Corporation and Global Oils Tools, Inc.

Contact Information

  • Media Contact:

    C. Anthony Reed
    of American Finance Corp.