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.
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© 2006 PR Newswire
