SOURCE: Grifco International, Inc.

November 22, 2005 07:45 ET

Edwin Leonard Joins Grifco as Chief Financial Officer

HOUSTON, TX -- (MARKET WIRE) -- November 22, 2005 -- Grifco International, Inc. (OTC: GFCI) announces that Edwin Leonard has joined the company as Chief Financial Officer, adding an executive to the management of Grifco International with both oil field and Wall Street expertise.

Mr. Leonard completed his Bachelor of Science degree from the University of Missouri before joining the audit division of Deloitte & Touche. Mr. Leonard has spent over 25 years as a financial officer for companies in the manufacturing, distribution, construction, real estate and oil field services industries. Mr. Leonard most recently served as CFO/Controller of Applied OptoElectronics, where his responsibilities included preparation of all financial reporting, year-end audit reports, annual budget, monthly management reports, installation of a new accounting system and assisting in re-financing the company's debt structure.

"Edwin Leonard's broad financial expertise and depth of experience with other fast-growing companies will be an asset as we take Grifco and Global Oil Tools, Libya to the next level," said Jim Dial, President and CEO of Grifco International. "I look forward to updating our shareholders on positive operational developments following the Thanksgiving holiday."

Mr. Leonard served as Controller and Treasurer for Boots & Coots International, a $20 million sales corporation in the oil field services and environmental emergency response industry. This corporation had 400 employees with 14 locations in the Southwestern United States during his tenure, and his responsibilities included supervising a staff of twelve, financial reporting, and overseeing treasury management.

Mr. Leonard, 52, holds a Business Administration degree from the University of Missouri and is a Certified Public Accountant in the state of Texas.

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's patented products are known and used throughout the world. In addition to our patented tools, 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, and Schlumberger. Please visit

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.

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