SOURCE: Grifco International, Inc.

December 01, 2005 08:00 ET

Grifco International, Inc. Receives $3.3 Million Purchase Order

HOUSTON, TX -- (MARKET WIRE) -- December 1, 2005 -- Grifco International, Inc. (OTC: GFCI), a provider of oil and gas services equipment to the worldwide oil and gas industry, today received a $3.3 million purchase order for its SCUDA corrosion tool.

The client, c-sap Pte, Ltd. is a leading edge oil and gas industry firm with worldwide experience that provides engineering and technical advice to clients to support them in meeting their strategic challenges. c-sap operates as Grifco's sales agent in Southeast Asia, and has sold many tools in the region, in particular to the country of Indonesia. The textile, oil and gas, chemical, and plastics industries in Indonesia have tested and will be utilizing the SCUDA corrosion tool to prevent scale and corrosion in water and fluid streams critical to their operations.

"The order consists of 107 tools to be manufactured and delivered over a six month period," stated Jim Dial, President and CEO of Grifco International. "Field demonstrations have already been requested and are ongoing in Venezuela, Columbia, and Ecuador. The results are promising, and we expect additional markets to develop, and additional orders to be filled in early 2006."

"Previously, Grifco estimated its ability to effectively market this tool to domestic and international clients a potential revenue of $2 million in 2005; we have thus far exceeded this expectation," added Dial.

The SCUDA, as it is referred to for water applications, reduces scale, corrosion, and increases the efficiency and life of equipment. The tool functions without the addition of chemicals, making it environmentally friendly. SCUDA is a corrosion inhibitor tool composed of dissimilar metals which installs in the flow lines (water lines) to enable a change in the electrostatic potential of fluid, thereby suspending solid minerals and inhibiting the formation of scale and corrosion. The most important commercial application of the SCUDA is that the problems due to scale formation in various water systems are either dramatically decreased or eliminated.

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 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" 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.

Contact Information

  • Contact:
    Princeton Research Inc.
    Mike King
    702-650-3000