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Jim C. Dial is paying himself between $100,000 - $200,000 and lives in a neighborhood where the average home value is between $200,000 - $249,999. He's lived at his current address for about 2 years.
Pegamon, "don't put your money in hype, do your homework". For a person to put this in their sig. you sure don't practice what you preach.
It's not the bashers or the shorts that drove the price of Grifco down from $2.00 - $0.13, it's the management and the lack of results and secrecey about share count, financials, and the operations.
To get you started on your homework read the March 2005 PR below. This was the last time any financial guidance was stated by management. Then read the last couple of PRs and tell me it sounds like the same cmpany.
GFCI Operational Update and Earnings Guidance for 2004-2005
Distribution Source : Market Wire
Date : Thursday, March 03, 2005
HOUSTON, TX -- (Market Wire - Mar 03, 2005) -- Grifco International, Inc. (OTC: GFCI), a provider of oil and gas services equipment to the worldwide oil and gas industry, announces net income of $2.6 million, or approximately $0.13 per share on $7.5 million gross revenue for the six months ending December 31st, 2004.
Grifco International goals for the second half of the year are predicated upon achieving significant growth in revenue and shareholder equity. Based upon Grifco's aggressive acquisition schedule and expanding product line, management believes the third and fourth quarter 2005 will earn an additional $0.23 to $0.25 per share for the fiscal year ending June 30th 2005. The Company's forecast is based on its ongoing projects and acquisitions, including:
GFCI Signs LOI to Acquire Global Oil Tools
Global is equipped with state-of-the-art machinery and produces a complete line of more than 6,000 with over 150 customers. Global has $1.2 million in inventory, $2.2 million in assets, $800,000 works in progress, $400,000 accounts receivable, and should add over $1.2 million in net profit to Grifco in the next 12 months.
GFCI Signs Completion Screen Joint Venture
The Grifco International PMC screen was developed in China under a long-term Strategic Cooperation Relationship with Halliburton and China Petroleum Technology Development Company, having been deployed and tested in all the major oilfields in China. Currently the screen is being supplied to Chinese National Petroleum Corporation, China National Offshore Oil Corporation, SINOPEC, and Halliburton. Management estimates the PMC screen will increase company revenue approximately $2.5 million in the next 12 months.
GFCI Markets SCUDA Tool
The worldwide crisis of potable drinking water suggests an immense market exists for this SCUDA tool. Grifco is expanding into the foreign arena by utilizing sales agents worldwide; presently, Grifco has agents in South America, Singapore, and China. Grifco believes it has the ability to effectively market this tool to domestic and international clients and estimates a potential revenue of $2 million in 2005.
GFCI Acquires KO-VAC Systems
KO-VAC Systems markets a vacuum-based disposal unit with electrical and diesel systems for fluid and/or solid clean up. GFCI anticipates KO-VAC to be worth $2 million per year after twelve months, and generate $4-5 million in the first 2 years.
GFCI Increases Production Output
GFCI's installment of a CNC Turning Center and CNC Mill allow Grifco to be highly competitive with its price quotes and delivery schedule. Grifco International has experienced a 500% production increase with the new machinery.
GFCI Establishes Rental Venture in Mexico
The rental service in Mexico should generate approximately $2.5 to $3 Million in revenue for 2005. Grifco looks forward to the continued expansion of its tool division in Mexico; Grifco de Mexico should contribute $5 to $6 Million in annual revenue.
Grifco Field Tests Corrosion Inhibitor Tool in China
The Corrosion Inhibitor Tool (Silver Hawg) performed for one year in the largest oil field in China. The test gives Grifco's agent in China the opportunity to sell approximately one hundred tools by the close of 2004. Sales in China for 2005 will likely double. The success in China should result in increased revenue (in China) for Grifco International, Inc. of approximately $1.5 million in the first year.
PEMEX Field Tests With Grifco International
PEMEX , the 3rd largest producer of crude oil in the world, recently completed joint testing with Grifco International, Inc. utilizing the "Silver Hawg." PEMEX has issued Grifco International, Inc. an immediate contract for additional wells; pending favorable review, Grifco International will prepare to supply up to 300 wells, while awaiting a third contract installation for the northern district of Mexico. The contracts with PEMEX will generate approximately $2.5 million.
Six Months Ended December 31st, 2004:
(UNAUDITED, in millions of dollars)
Earnings 7.5
Net Income 2.5
Per Share .13
"The strong results in the first half were in line with our expectations. If our acquisition schedule progresses as planned, our earnings projection of an additional $0.23 to $0.25 per share is attainable," stated Jim Dial, President and CEO of Grifco International, Inc. "For the first six months of our fiscal year, our profits are running approximately three times higher than the previous six months."
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 U.S., 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 that 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.
Contact:
Grifco International, Inc.
http://www.grifco.org
Jim Dial
(832) 295-1529
ir@grifco.org
Peragmon, read the disclosure on the bottom of the coverage which says
Disclosure: Pentony Enterprises LLC was compensated 400,000 free trading shares by a non-controlling third party for profile coverage..... Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. In accordance with our policy to sell all shares, we no longer have a holding in GFCI.
http://www.stockguru.com/profiles/gfci/
At the time of the coverage 400,000 shares was worth about $60,000. Ask yourself who the "non-controlling 3rd party" would be that would give up that much to pump ENG and why?
639, Add to the puzzle Lyamec's 10/27/05 PR:
HOUSTON, Oct. 27 /PRNewswire-FirstCall/ -- Lyamec completes formation of "Global Oil Tools Qatar." Under agreement terms with Global Oil Tools (OTC: GFCI - News) The Lyamec Group owns manufacturing and distribution rights in The Middle East, Africa, and Azerbaijan. In a prepared statement by Lyamec interim CEO R.G. Raymond: "We are bringing positive commercial applications for the Global/Grifco 'brand' and the recognition it deserves in the region. We are moving expeditiously to finalize the organization's process to prepare Grifco's facilities to access the orders and revenues we are in agreement on. Additionally, we are in final stages of adding more than 13,000 fishing tool product line to 'Global Oil Tools Libya' venture. Concurrently we would allow and provide for Grifco International in adding these products to its current lines under a joint 'right of manufacturing' agreement."
http://lyamec.com/oldsite/home/pr/102705b.htm
It's ceritnly very difficult to corroborate anything Grifco states in the PR.
10 bagger, Tex said he refused to sign a waiver. He also only met them for an hour. IMO he provided a little bit more info. than BBB and Laser perhpas becomes of no NDA. Like his predecessors, Tex also felt Dial was being genuine. Tex opnion wasn't biased by a Big Mac.
FYI, Lyamec has a new website. Global Oil Tools appears to be a seperate entity from Grifco. Lyamec has also eliminated the PRs from 2006 which tied Grifco and Global together. When referring to Global Oil they use 1st person "we"..."our".
Pictures of Global Oil Tool, Grifco's prized subsidiary. Notice the "world-class" production facility.
http://www.princetonresearch.com/clients/Grifco_Quick.pdf
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Wayne,
the otcbb/daylist does not report a stock split. It only reports deletions,additions, name change, and dividend.
NASD = national association of securites dealers. It regulatese Security dealers, I don't see how they would have the authority over stock splits.
Again, I can't confirm that split did not happen. Yahoo, MSN, Ameritrade, Merill Lynch all list the o/s as 252,000.
Ground Hog day everyday with Grifco.
Expansion into foreign markets
$1.50 Buyout offer
$2.25 offering
CTBG dividend
Financial disclosure and transparency coming
Merger with OTCBB reporting company
AMEX listing in 6 months
O & G acquistion
Look for Q & A next week for details.
Yet everyday when I wake up it's at $.15/share....no wait it dipped below $0.13 this morning. It must be a new day!
Like, if yesterdays PR was the bestest ever...oh my gosh...that is sooooo sad!
6,000 products = much more than Sears Craftsman tools. Well if Lois Newman is a distributor/sales associate for Avon products and she stamps Grifco's name and address on the order booklets I guess that will qualify for 500 products.
Wayne, where did you verify that the reverse split didn't go through? I need to confirm the discrepency.
talked with Reichman of Tree Top Industries. I told him the 10K is showing 220,000 share count but the transfer agent confirms 22 million. He said there is a 100:1 reverse split "in the process". I ask why would the 10K already state as if it already happened? He said something that didn't make any sense in the effect that "I understand what you're saying...you just have to refer to the public reocrd".
I'll refer it to PCAOB and SEC.
As I took the time to read GOMD's 14A, it revealed a lot of crap JD has done behind the scenese. What's really disappointing is that there is more disclosure about Grifco in Tree Top Inc's filing than JD and the boys ever made in their 2 years worth of PR HYPE!
Grifco's latest PR literally said 'We're merging with Tree Top Inc, read about it in their filing..LOL. JD didn't doesn't even have the fortitude to address his shareholders directly but we have to go to another companies filing to get the details. What a putz!
I'm going to put in a call to GOMD Auditors to ask him why the certified that GOMD financials fairly represents GAAP.
IMO, since there is no assets and only entries are liabliities form officers loan and legal disputes, the Audtiors probably didn't put forth the necessary effort to corraborate all the assertions made by management. In another words, they didn't do their job and earned an easy 5K-6K by just writing a letter stating all is o.k..
Wayne, pre-split GOMD share price was $0.0001. If the reverse split never happened, how did the share price change to $0.01?
No CPA is responsible for obtaining evidence of management's assertions. If the management tells you the did a revers split, a CPA must obtain "official" documentation to confirm that the event did in FACT happen.
Wayne, are you a CPA? Do you know how the audit process works? Well I do, and I will attain my CPA liscense early 2007.
There is no way an Auditor will certify the information in the 10Q/K, specifically the share count, if they didn't have evidence in hand. Otherwise, they will be in deep you-know- what with the SEC.
Wayne, David Reichman is a 35% owner at 88K shares. That implies total O/S shares of 252K or there about.
http://www.sec.gov/Archives/edgar/data/356590/000114420406035946/v051542_14a.txt
1) Applicable percentage of ownership is based on 252,179 shares of Common Stock outstanding as of August 25, 2006. Shares of Common Stock are deemed to be beneficially owned by the person holding such shares.
I don't know where you're getting your information from. The 252K is also confirmed by the transfer agent. Should I believe Wayne or should I believe the transfer agent/the SEC filings certified by a CPA firm, who was required to verify the share information per Sarb-ox? Hmmmmmmm.....(what do you think!)
Then why do they only have 252K shares outstanding?
Wayne, yes it has. The shs o/s = 252K shares.
Share Statistics
Average Volume (3 month)3: 15,044.6
Average Volume (10 day)3: 43,744.4
Shares Outstanding: 252.00K
Float: 139.90K
http://finance.yahoo.com/q/ks?s=GOMD.OB
One thinkg encouraging about GOMD is that they've been pretty merticulous in the public filings despite it being a public shell.
Wayne, there was an 8K issued to announce the reverse split in June 2005.
Item 8.01 Other Events
On June 30, 2005, the board of directors of the Registrant voted to approve a one hundred for one reverse stock split. They based this decision on their belief that the reverse split would enhance the Company's ability to attract a merger or acquisition candidate as well as increase the effective marketability of common stock to institutional buyers and to enhance the liquidity of the common stock so that the Company can better access capital markets. This reverse stock split reduced the number of Registrant's issued and outstanding common shares from 25,279,117 to 252,791 common shares. The Company had 643 shareholders of record.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=3789175&Type=HTML
I was referring to GOMD shares o/s. They did a 1:100 reverse split to go from 25 Million shares to 25 thousand shares.
The A/S for Grifco is a whole another issue.
I think GOMD is an ideal merger canidate. In fact it can't get any better. Their mariket cap is curently only $12.6K (252,000 Shares o/s x .05). The slate is pretty clean except for the money spent by the principals ($611K) to maintian the filing status. They want to be repaid once a target company is found.
One positive spin of this deal is the quality of GOMD. This company is as clean as it gets. Could have mergered with a number of other companies. For them to accept GFCI as the target company may indicate there maybe something very attractive about GFCI.
This is still speculation but I can't see the negative. We still need to see the deal in its entierity to see what kind of agreement is in place.
New merger company = GOMD.OB, Tree Top Industries trading at $0.05/share. The company has 611K debt, and $0 assets. Equity is net -611K.
Here is how I arrived at this conclusion:
JD created a new NV corporation 8/18 called Universal Energy & Service Resources.
There is a new director named David Reichman.
David Reichman is the President of GOMD.OB (Tree Top Industries), a fully reporting but defunct OTCBB company.
GOMD.OB VALUATION MEASURES
Market Cap (intraday): 12.60K
Enterprise Value (28-Aug-06)3: 251.51K
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-07) 1: N/A
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): N/A
Price/Book (mrq): N/A
Enterprise Value/Revenue (ttm)3: NaN
Enterprise Value/EBITDA (ttm)3:
JD created another NV. Corp 8/18 called Universal Energy & Services Group. There is a new director named David Reichman
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=xidwjyQXy9ta0wA2YAp%252bOQ%253d%253d
Officers Include Inactive Officers
President - JIM DIAL
Address 1: 3638 N. RANCHO DRIVE Address 2: SUITE 6
City: LAS VEGAS State: NV
Zip Code: 89130 Country:
Status: Active Email:
Secretary - JIM DIAL
Address 1: 3638 N. RANCHO DRIVE Address 2: SUITE 6
City: LAS VEGAS State: NV
Zip Code: 89130 Country:
Status: Active Email:
Treasurer - JIM DIAL
Address 1: 3638 N. RANCHO DRIVE Address 2: SUITE 6
City: LAS VEGAS State: NV
Zip Code: 89130 Country:
Status: Active Email:
Director - DAVID REICHMAN
Address 1: 3638 N. RANCHO DRIVE Address 2: SUITE 6
City: LAS VEGAS State: NV
Zip Code: 89130 Country:
Status: Active
Good example of a R/S is Grifco itself. Didn't it do a 20:1 R/S to $2 or $3 after it mreged with Litfiber. Look where it's at now.
Strongus, you have to understand how the records are kept.
Also, if the records aren't cumulitave it defeats the purpose of reporting the short interest, what purpose would this report serve? According to your reasoning you would have to go back every month and sum the total number of shorts. Well, how would you be able to tell who covered from the prior months and who didn't.
An educated guess/common sense would suggest this is cumulative. The facts, techonology and method used for tracking, would suggest it's cumulative. Therfore, the totals are cumulative. the short interst actually went down by 80% from the prior month.
Stongus2006 Yes, the short interest total is cumilative not periodic. It means the number you see is the total of all short interest for that point in time.
(Although this applies to NADAQ stocks, I'm sure the scheme is the same on all securities....unless you have any ifnroamtion to the contrary).
To calculate short interest in NASDAQ stocks, NASD member firms are instructed to report to the NASDR TS-Customer Advocacy & Quality Management Department, on a monthly basis, their short positions, for all accounts, in shares, warrants, units, ADRs, and convertible preferreds resulting from short sales. Once the short position reports are received by the Product Deployment and Support Department, the short interest is then compiled for each NASDAQ security.
Firms are required to report their short positions as of settlement on the 15th of each month, or the preceding business day if the 15th is not a business day. The reports must be filed by the second business day after the reporting settlement date. The Product Deployment and Support area compiles the short interest data and provides it for publication on the 8th business day after the reporting settlement date
http://www.nasdaqtrader.com/trader/defincludes/nasdshortint_def.stm
Dr Bill, the Board of Directors hires and fires CEOs not the shareholders. So we have to appeal to the board. Who is the BOD......Jim Dial!!!!
Dr Bill, even with 22,000 clearly stated some longs refuse to believe that's all there is. There are more people on RB accepting the 20-30 million short figure announced by BBB. Talk about dense.
Judging by the blissful ignorance by the GFCI longs there would be no judgement until Dial is long gone, with millions in an offshore account, name change, face lift, and all the toys and amenities a crooked business man would want, living somewhere in paradise.
Dr Bill, I can see how you can take the whole thing as a set up. You can never be sure when you're dealing with a scam artist. I like to believe the S. Cohen deal was above board because the way he answered certain questions. However, I can understand Dr. Bills skepticism
Out of the blue there is a new ID called Stepehencohensux bashind S Cohen telling all RB posters to call the guy and give him hell. An hour later you have Stepheohen1, who claims to be "the guy" refute all the claim and clear the air regarding the CTBG issue. It does seem a little staged.
Bottom line
don't believe everythig you see on the message boards.
Be smart enough to do your own DD and don't rely on the populist posters like BBB and Laserman (who are part of the problem IMO), they can lead you down the wrong path.
Keep giving JD and Co. hell until you get action, answers and resolution.
I think that was the real Stuart Cohen. His answers were pretty straight and succient and he seem like someone that just popped in out of the blue without knowing the history of the board discussion.
IMO, there is absolutely no good excuse for the CTBG dividend to be strung out so long. A good business man would have taken a day or two to handle the situation. If the paperwork is out west, FLY out west and fetch it!. Assign an employee or a contractor to resolve it!
This is just pure B.S.
Told ya it was B.S. The supposed Real S. Cohen comes on RB to clear the air. As I stated in the prior post there is more to the story, and the original post was just a bunch of biased innuendos which turned out to be B.S.
Prompted by the manic Yes11NY's phone call the real Cohen posted to clear the B.S. Once again, it points back to the incompetence of JD and Co.
nonfortunate, more excuses? Why keep stringing it out? Dial and Swinford should take appropriate action against Cohen if the story is true. Do the right thing and stop with the excuses. TAKE SOME ACTION:
Don't believe just because it's posted on RB that it's true. Here are 3 comments I have about the allegation.
1. If story is true, put legal pressure to force positive action
2. There's more to the "story" than what's being said (yes I would be pissed off too if some unknown idiot calls me on the phone questioning me about things that are biased and unture).
3. this may be another ploy by Dial and Co. to string out the investors for a few more months.
I guess this is CTBG's new corporate strategy. Making the former shell owner's life a living hell based on unsubstantiated rumour when in fact Dial didn't have the smarts to #1 do a proper DD on the shell, and #2 If the claim is true, didn't have the foresight to execute a protective agreeement. Either way, it reflects poorly on JD's ability as a CEO and his stewardship of a public company. It also says a lot about the corporate counsel.
Andy, Dial would release it in a minute if the numbers were good. Why do you think he's been hiding this information? Think of one good reason. Even a 5 yr old can asnwer this one.