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[John Bates]

The Lyamec Corporation and Grifco International Make Amends on Global Oil Tools Acquisition
Thursday June 9, 5:58 pm ET


HOUSTON, June 9 /PRNewswire-FirstCall/ -- The Lyamec Corporation (www.lyamec.com), an investment related franchise distribution and merchandising agreement corporation, today announced that in an emergency session called by The Lyamec Corporation, Global Oil Tools, and Grifco International (OTC Pink Sheets: GFCI - News), the Lyamec Corporation agreed to give Grifco International an additional 30 day exclusive option to buy Global Oil Tools. Surprisingly, the terms of the new deal are better than those previously agreed to by Grifco International and Global Oil Tools. The no-cost option would allow Grifco International to buy Global Oil Tools under the newly developed manufacturing and distribution center deal in Libya, facilitated by The Lyamec Corporation. Lyamec's ongoing overall project development draft agreement and market development and project management terms includes a $20 million USD parts and tools order as part of the overall package on Global.

"This should fit into the company's overall portfolio and will definitely add to their internal growth as well as shareholder returns," said R. Raymond, President of Lyamec Corporation. "I never really had the pleasure to meet face to face with CEO Jim Dial. I was originally introduced to Jim through other parties who contributed to some tension in our earlier negotiations. Now that I know Jim better, I truly admire and have great respect for him. Under the circumstances, I wish we had gotten to know each other much earlier and under better circumstances."

"Sometimes it has to get worse for it to get better," said W.J. Barnhill, President of Global Oil Tools. "I am very happy with what's on the table and I believe that Ray and Jim had to get to know each other better, and they did. I believe the sincerity that I saw between these two men fortified a win/win position for all concerned. In this particular instance I must say, it really did take three to tango."

In conjunction with this transaction, The Lyamec Corporation has committed $3 million USD in equity capital in this investment agreement with participants and private investment groups directly related to the cost of the total project -- in addition to the $20 million USD order to kick start the 24,000 square foot facility.

As already approved by Libya's Foreign Investment authorities, immediate benefits for Grifco International would include: full exemptions from custom duties, no taxation on Grifco's income for up to 8 years, and a competitive manufacturing and distribution edge in the region. An already allocated 15% equity participation incentive to local Libyan government agencies, and distribution rights to other markets, indicated that this will be an extremely positive and successful opportunity that shareholders will appreciate.

"Our job is to bring positive solutions to both Grifco, and Global, while also serving our own interests in the long run," said Raymond. "This is a win/win scenario for all. Grifco is led by a smart and qualified CEO at the helm who has the oversight capabilities to see this through to completion, expand their presence, and reach out to profitable markets."

The Lyamec Corporation, a Texas Corporation, was established in 1999 to fulfill the existing and expanding demand for US made products for specific Libyan market segments as outlined in the trade policy announced by President Clinton on April 28, 1999. The Lyamec Corporation efficiently and economically assists American Corporations in developing new more effective sales and distribution channels in Libya. Lyamec & Associates is the legal and commercial advisory arm of The Lyamec Corporation which has built a solid base for positively addressing legal and commercial issues for foreign investors in Libya.

For More information, Contact: R G Raymond, of The Lyamec Corporation, [phone].

This release was issued on behalf of the above organization by Send2Press(TM), a unit of Neotrope®. http://www.Send2Press.com




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Source: The Lyamec Corporation


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