Lyamec to Force Changes at Grifco International

Author: The Lyamec Group
Dateline: Mon, 27 Mar 2006

freeNewsArticles Story Summary: “HOUSTON, TX - Mar. 27 (SEND2PRESS NEWSWIRE) -- Lyamec Corporation, a merchandising and distribution services firm announced that it has begun a time lined campaign to force and implement executive level changes at Grifco International. Grifco International (OTC: GFCI) recently acquired Global Oil Tools as well as an equity participation of rights on 'Global Oil Tool Libya,' a 24,000 sq. ft. manufacturing and distribution facility set for the free trade zone of Misurata, Libya.”



A R T I C L E:

HOUSTON, TX (SEND2PRESS NEWSWIRE) -- Lyamec Corporation, a merchandising and distribution services firm announced that it has begun a time lined campaign to force and implement executive level changes at Grifco International. Grifco International (OTC: GFCI) recently acquired Global Oil Tools as well as an equity participation of rights on "Global Oil Tool Libya", a 24,000 Sq ft manufacturing and distribution facility set for the free trade zone of Misurata, Libya.

As an equity holder of Grifco International, Lyamec interim CEO R.G. Raymond said "We are seeking to effect and implement changes to Grifco's operational policies at all levels including looking into and addressing any historical shortfalls that may have impacted the company's performance. We look to enhancing corporate operations and corporate policies in an effort to bringing proper valuation to our plans in the U.S. and in our collective market regions, starting with Libya. We look for deliberative processing of recommendations by establishing a committee which will comprise of a variety of talents and expertise needed to effectively address various issues at hand."

Concurrently on the Libyan front, Mr. Hagegh of Misurata's General Peoples Committee issued the planned facility their seal of approval on January 16th, 2006, which now paves the way for ground breaking and for the establishment of the 24,000 Sq ft. manufacturing and distribution facility.

Libya's National oil company's (NOC) highest priority is increasing oil and gas production through revitalizing/overhauling of outperforming oil fields with proven reserves to their previous production levels. Libya's expanding onshore/offshore exploration and production has created robust demand and a growing market for American oil equipment and services. In recent meetings with Jerry Swinford, President of newly spun off CTT Technologies, R.G. Raymond stated "Jerry and I met and we talked on several issues regarding current activities and moreover in working together to building on CTT's capabilities in our market regions."

Global Oil Tools is ISO 9001 and A.P.I. Spec. 14A certified and its 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.

The Lyamec Group (http://www.lyamec.com) was established in 1999, to fulfill the existing and expanding demand for U.S. made products as outlined by President Clinton on April 28, 1999. 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.


For additional information, contact:
Patric Riggs, Investor Relations, ir@lyamec.com, +1-713-542-9996.




###


Copyright © 2006 by The Lyamec Group and Send2Press® Newswire, a service of Neotrope® - all rights reserved. Information believed accurate but not guaranteed. Sourced on: freeNewsArticles.com.

Story Title: Lyamec to Force Changes at Grifco International
• REFERENCE KEYWORDS/TERMS: , , , , Public Companies, , , .

IMPORTANT NOTICE: some content which is considered "old" or "archival" may reference an event which has already occurred; some content possibly considered "advertorial" may also reference a promotion or time-limited/sensitive offering, and in all of these instances certain material may no longer be valid. For notably stale content, you should directly contact the company/person mentioned in the text (The Lyamec Group); this site cannot assist you with information about products/services mentioned in the news article, nor handle any complaints or other issues related to any person/company mentioned or promoted in the above text. Information believed accurate but not guaranteed as of original date of story [Mon, 27 Mar 2006 14:48:00 GMT].

USE THIS CONTENT FOR FREE: To use this content in your newspaper, broadcast outlet, news portal, blog/ezine or similar, free of cost, CLICK HERE to learn how.