HOUSTON, TX – June 3 (SEND2PRESS NEWSWIRE) — With regards to the already expired agreement between Grifco International (OTC Pink Sheets: GFCI), and Global Oil Tools, Inc and further with Grifco’s CEO, Jim Dial’s oddly timed retraction of compliance with the preset terms of engagement already agreed to with The Lyamec Corporation; Lyamec has now solidified its position with Global Oil Tool’s expansion into Libya. The partnership between the Lyamec Corporation and Global Oil Tools on the manufacturing and distribution rights for Africa, the Middle East and Azerbaijan including the 24,000 sq ft. facility staged in Libya, has been fully cleared to move on without any further delay from Grifco.

The agreement brings a solid opportunity to access a pool of $400 Million USD annually in oil tool supply orders that the region represents in this partnership. The agreement between Global and Lyamec has now made it next to impossible for Grifco to come back for Global, now or in the future without a heavy premium that would ultimately cost the company and or its investors substantially.

In reply to Jim Dial’s statement on the furtherance of an acquisition of Global Oil Tools to The Lyamec Corporation, that Grifco will still continue to gather momentum in bringing a buyout of Global until it is successful; a Lyamec spokesman addressed this point in a private conference with its participants by saying, “I am truly amazed that Jim Dial has lost such an opportunity, and what is more plausible, is that he added the weight of millions if not in the tens of millions on the cost to his company to achieve such a goal. It was not a logical decision to anyone here, and would probably and ultimately lead to quite a few upset investors”. He went on to add,” We are also looking further into legal ramifications by Jim Dial’s performance on this issue, going as far back as mid April, 2005 that we are now looking into.”

The Lyamec Corporation, a merchandising, distribution and franchise firm that has gained strong ground in offering its clients an efficient access point to reach out to multi-billion dollar industries that offer unparallel commercial opportunities.

Global Oil Tools one of the most successfully managed and operated firms, in its industry, by 30 year veteran Wilfred James Barnhill, and is equipped with state-of-the-art machinery and technology know how, that produces a complete line of more than 6,000 tools for its clients. The management of Global Oil tools is known and respected throughout the industry with over 150 customers both domestically and internationally.

Contact: R G Raymond of The Lyamec Corporation, +1-281-599-8990.

News issued by: The Lyamec Corporation

# # #

Original Story ID: (433) :: 2005-06-0603-001B

Original Keywords: The Lyamec Corporation, Libya, Global Oil Tools, manufacturing and distribution rights for Africa, GFCI.pk, Azerbaijan, Houston news, Lyamec Group, Grifco International, OTC Pink Sheets: GFCI, R. Raymond, Texas Corporation, Lyamec & Associates The Lyamec Corporation

News Source: The Lyamec Corporation