Lyamec in Agreement With Grifco on $2.25 Per Share Offer
July 07 2006 - 7:00PM
PR Newswire (US)
LONDON, July 7 /PRNewswire/ -- Lyamec announces that it has reached
an agreement with Grifco (Pink Sheets: GFCI) to move on the USD
$2.25 per share offer: "We look forward to receiving fully executed
documents in the upcoming days, and look forward to move to
closing." Lyamec states acquisition initiatives on the 5 year
outlined USD $76.5 Million GPC approved Libya facility entails an
additional premium of USD $28 Million to be paid directly to
Lyamec. In a statement by Interim CEO RG Raymond, "Clearly, it
would be an unwise decision on anyone's part to perceive that any
offering to acquire a majority stake of Grifco at this stage will
lead to leveraging their position on the Libya facility without our
approval, regardless of Grifco's current assets and or
commercialized tools and products. Notwithstanding this, Grifco is
now to resume consolidating its assets for closing." The 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's 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. About The Lyamec Group The Lyamec Group
(http://www.lyamec.com/) was established in 1999, to fulfill the
existing and expanding demand for U.S.-made products. 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. Global Oil
Tools (Pink Sheets: GFCI) 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. This
release was issued on behalf of the above organization by
Send2Press(R), a unit of Neotrope(R). http://www.send2press.com/
DATASOURCE: Lyamec Corp. CONTACT: RG Raymond of Lyamec Corp.,
+1-281-599-8990, Web site: http://www.send2press.com/ Web site:
http://www.lyamec.com/
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