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Lyamec to Force Changes at Grifco International
Published: Mon, 27 Mar 2006, 14:48:00 EDT
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.
NEWS SOURCE: The Lyamec Group
Send2Press® is the originating wire service for this story.
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REFERENCES: Lyamec to Force Changes at Grifco International, The Lyamec Group, Libya, Grifco, Oil, Tools, GFCI.pk, Libya's National oil company, R.G. Raymond, Misurata's General Peoples Committee, Houston, Global Oil Tool Libya, OTC: GFCI, Mar 27, 2006.
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