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HOUSTON, TX--(MARKET WIRE)--Jul 17, 2006 -- Grifco International, Inc. ("Grifco" or the "Company") (Other OTC:GFCI.PK - News) announced today that it has reached an agreement with Lyamec on a $2.25 proposed offering. Filings for either foreign securities registration or U.S securities registration are currently under review.
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Further, Grifco announces that it has adopted resolutions to protect assets and to fend itself off as a target opportunity for a hostile takeover, with additional consideration and security in connection with Global Oil Tools Libya. In accordance with adopted resolutions and pursuant to agreements in place, Grifco International is to commence completion of consolidated audited financial statements as well as begin required asset separation agreements with certain subsidiaries as part of the offering. Pursuant to the terms of the asset separation agreement, certain subsidiaries will become "stand-alone" companies. The stand-alone company will operate independently of Grifco.
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.