Grifco Inc (GFCI)

[cyofish]

Corpration is a seperate legal entity from the owners. Subsequently, the owners don't own the asset of the business, just the equity interest in the business. You don't get a % of the proceeds when the business sells an asset. Only thing you can expect is a dividend which is a share of the company's earnings (profit) for a given year if the board of director so choose to distribute.

You also have to understad the word "relinquish" which to give up or return (without compensation). Interesting choice of words as they didn't go into the specific to define exactly what transper. Based on the prior PRs it sounds like Grifco didn't live up the terms of the Joint Venture agreement such as moving the company up to a higher exchange, providing audited financials etc. so JD & Grifco just got cut out of the deal.

Second, Prior to this PR Ed Leonard & Jim Dial were listed as officers of Global Oil Tools according the Louisiana Secretary of State filing. A few weeks before the PR came out there were change in officers. Apparently, Ed Leonard and Jim Dial resigned and Barnhill (the founder) becamse the President & CEO of Global Oil Tools.