Grifco Inc (GFCI)

[cyofish]

Lyamec has their own Agenda.

I wouldn't place so much hope on Lyamec. For starters, their trying to raise money for GOTL through a foreign IPO. They will more than make their $3 million investment back. Second, IMO the $3M was the consideration to own 25% of GOTL joint venture. They also own the manufacturing and distribution rights of Global Oil Tools in the Middle East, North Africa, and Azerbajan.

We don't know the details the JV agreement between Grifco and Lyamec. However, the last Lyamec PR exposed some of the requirements. Apparently Grifco moving to AMEX listing is one of the requirement for GFCI to maintain their interest in the JV. It sounds to me like if Grifco can't make it to the higher listings the will be booted from the JV.

http://biz.yahoo.com/iw/060920/0165234.html

During the presentation, Interim CEO RG Raymond, stated, "Grifco International's 55% ownership rights in the ongoing Libya facility project is currently in full force and in full compliance." Adding, "As we have made it publicly clear on numerous occasions, the criteria for a mutually acceptable, and successful relationship requires that Grifco International (Other OTC:GFCI.PK - News) secures proper valuations with emphasis on a stronger listing platform such as the American Stock Exchange (AMEX). Transparency is a requirement for all concerned, and especially for our future partners."...

Raymond announced that executive level, operational and management roles in both Global Oil Tools USA and Global Oil Tools Libya would soon become a unified effort under his watch.