HOUSTON, TX (SEND2PRESS NEWSWIRE) — Pursuant to the formal notice issued by the General Peoples Committee for the establishment of the 24,000 sq. ft. manufacturing and distribution facility in Misurata, Lyamec Corp announces that it has formally received the approval of Misurata’s free trade zone on January 16th, 2006.

In a statement by interim CEO, R.G. Raymond: “My sincere thanks to Mr. Mohamed Hagegh, head of the General People’s Committee for the Free Zone City of Misurata, for his acknowledgement and support to the benefits this project provides to the local communities.”

Current and future clients will benefit from a fully integrated “wrap around” facility with multidimensional quality and performance controls in submission, processing, manufacturing and distribution with delivery and oversight tracking on itemized product performance. The facility has been strategically preset for construction within close proximity (approx. 5 mile radius) to the Libyan Iron & Steel manufacturing facility located in Misurata.

Concurrently, Lyamec (The Libyan American Corporation) has also agreed to further expand joint venture applications in the Coil Tubing Technology (OTC Bulletin Board: CTBG). Lyamec is building on a ground breaking regional model application system including system applications on technical enhancements, branding & distribution, to quality control data applications.

About Coil Tubing Technology, Inc.

Coil Tubing Technology, Inc. (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing application: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than 15 patents granted or pending and more that 25 years experience in the creation of oilfield tools.

Global Oil Tools (OTC Bulletin Board: 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.

Ref: GFCI.pk, GFCI.ob, CTBG.pk, CTBG.ob

News issued by: The Libyan American Corporation

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Original Story ID: (1337) :: 2006-02-0223-001

Original Keywords: Lyamec Corp, Global Oil Tools, OTC BB: GFCI, Misurata’s free trade zone, oil, tool, GFCI.pk, Coil Tubing Technology, Inc., GFCI.ob, CTBG, CTBG.pk, R.G. Raymond, The Libyan American Corporation, group, Houston, Texas The Libyan American Corporation

News Source: The Libyan American Corporation