LTBI Acquires Grifco International, Inc.
LAFAYETTE, LA, Nov. 19, 2004 (MARKET WIRE via COMTEX) -- LitFiber, Inc. (OTC: LTBI) (as of 11/19/04 symbol will be (OTC: GFCI)) announces it has acquired Grifco International, Inc., a provider of oil and gas services equipment to the worldwide oil and gas industry.
Grifco International specializes in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the US, China, Mexico and South America. Grifco is the leading purveyor of jarring tools for the oil field in the world; Grifco's clientele of Fortune 500 and 100 companies, national oil companies, and supermajors includes the most recognizable names in the oil and gas industry:
Exxon Mobil Kerr McGee
Hydra Rig Varco B.J. Services
Halliburton Energy Services Pemex
Pdvsa Venezuela Wireline Specialties
Progressive Oil Tools Canada Shell
Coiltech Coil Tubing Services
ABC Nitrogen Cudd Pressure Control
Superior Pro Coil
Dowell Schlumberger Steward Stevenson
CNPC (Chinese National Petroleum Co.) Enmax China
Weafri Well Services (Nigeria) J and J international
Sonal Pedcor
PT Wasita (Jarkarta) Maersk Oil (Denmark)
Baker Oil Tool (Worldwide) Weatherford (Worldwide)
Venline (Venezuela) Petro Tech Coil Tubing (Mexico)
TriCan (Canada) Coil tubing Company Blowout Tools
Cavins Fishing Tools San Antonio Services (Argentina)
ACT (Action Coil Tubing)
Terms of Litfiber's acquisition of Grifco include a name change to Grifco International, Inc. to incorporate the Grifco business plan, a new symbol assigned by Nasdaq, and a 20:1 reverse split. NASDAQ has received everything necessary to effect the name change and reverse split for Grifco International, Inc. Effective at the market open on 11/19/04, the new symbol for Grifco International, Inc. will be GFCI (OTC: GFCI).
As part of the acquisition, John Jarvis has tendered his resignation as CEO of Litfiber. Grifco International CEO Jim Dial will assume the role of Chief Executive Officer and President of Grifco International, Inc. Please note, Grifco International retains all Litfiber assets, including but not limited to telephony equipment, accounts, accounts receivable, contracts, Letters of Intent, representations, and agreements. John Jarvis will remain as a consultant to the company on telephony related matters.
A private company for over fourteen years, Grifco has become public in order to reflect earnings and profit through public dissemination and filings. Grifco has crafted a plan to acquire mid sized companies and competitors in the oil services field and align them horizontally in the Grifco service offering to create an oil and gas services conglomerate. Grifco's target acquisitions combine to reflect more than $50 million in annual sales.
Twelve years ago, Grifco engineered and patented a 2N1 (two directions in one tool) jarring system still employed and sold throughout the world. This 2N1 system was the first in the industry which allowed the operator to jar in both directions, as may be required, forever putting Grifco on the oil industry map.
LitFiber is a full service, engineering based, Fixed Wireless, Web Development and Telecommunications Company. LTBI combines expertise in wireless business communication systems, system integration, computer telephony software deployment, IP telephony, data networking with unparalleled customer service. Grifco feels the Litfiber telephony platform offers potential synergy with the extensive International client base of Grifco International, Inc.
Grifco International Inc. is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the US, China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Company cautions the assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the Company's forward-looking statements are found in our SEC filings.
