Grifco Inc (GFCI)

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Blue, Grifco is proposing an IPO

as I read it. The Libyan stock exchange has just been authorized and there's a PR about "Global Oil Tools Libya" (G.O.T.L.) being listed there.

Before anyone says it, I will. Here's a company that can't file financials, Reg FDs, or even PR unaudited financials - yet they casually propose an IPO (possibly a foreign IPO). Grifco needs to get their act together before any of the proposed spin-offs, CTBG & G.O.T.L., can occur.

The Elves from Lyamec have their work cut out for them:

"As announced on March 27, Lyamec will assist in enhancing corporate operations for Grifco, starting with the creation of a corporate operations committee. The committee will be comprised of oil and gas industry experts, as well as individuals with micro- and small-cap company financial management and SEC Compliance expertise."

This process could be dragged on for months or could all come out as a big lump. Nothing from Grifco has been filed with the SEC so far this year (CTBG & GFCI have, I think, 2 paper filings)...

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