SOURCE: GRIT International, Inc.

GRIT International, Inc.

October 13, 2010 07:39 ET

Grit International Inc. Announces Voluntary Binding Lock-Up of Shares

GRANDE PRAIRIE, AB--(Marketwire - October 13, 2010) -  GRIT International Inc. (PINKSHEETS: GRIG) (FRANKFURT: 3GR1) announced today that its founding shareholders and directors have agreed to a binding lock-up agreement which restricts them from selling 70 million total shares for a 3 year (plus 2 year extension option) period effective immediately. This represents the majority of all shares issued and outstanding and coincides with the company's 5 year projections. The announcement means that the founding shareholders and directors will not be selling any of these shares in the open market for the term of the agreement. Further, these shareholders have also agreed to sell only 2% of the issued and outstanding per person and per quarter and then only if the company has maintained a 25.00EUR share price for 90 continuous days. 

GRIT International president Lawrence Zeiben has stated, "We hope that this demonstrates management's intention in building upon the company's full potential. By putting the company's interests first, we are putting our shareholder's interests ahead of our own and we are only too willing to manage expectations which are in the best interests of all."

GRIT International is a Canadian based company registered in the State of Nevada, US; -Diversified Industrial Services Company, offering Support Services, Utilities, Oil & Gas and Mineral holdings. The businesses that make up GRIT INTL - Integrate amongst each other providing a present revenue from the energy industry and also seeks out Environmentally Sustainable solutions in nuclear energy, renewable resources in bio-waste and other alternative fuels available at present time. GRIT foresees expanding its divisions from an international to that of a Global services provider. For more information please visit the company's website at

Safe Harbor Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    GRIT International Inc.
    Investors Relations
    P : 780.513.1125
    F : 780.814.5584
    A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7

    Investors Relations - German
    Mr. James Stewart
    P: 49 2161 49694870