Replies to post #10634 on Grifco Inc (GFCI)

[printmail01]

GFCI CURRENTLY INVOLVED IN AN ONGOING SEC INVESTIGATION:

Grifco has been named in an SEC investigation & a Harris County TX criminal investigation, both regarding a pump dump scheme. These investigations are ongoing. IMO when the final facts come out > IMPO Jim Dial AND Grifco GFCI will be jailed, fined, sanctioned and or all of the above IMPO.

Current Status:
ORDER granting Joint Motion for Enlargement of Time of current scheduling order; deadlines reset as follows:
Pltf Expert Witness List due by 8/29/2008
Pltf Expert Report due by 8/29/2008
Deft Expert Witness List due by 9/29/2008
Deft Expert Report due by 9/29/2008
Discovery due by 12/17/2008
Dispositive Motion Filing due by 1/16/2009.
Docket Call to be determined based on related criminal case pending in Harris County, Tx.

Grifco International, Inc. (Pink Sheets: GFCI)
71. Grifco International, Inc. (“Grifco”) is a Nevada-based corporation that purports to be an international provider of oil and gas services equipment.

72. On or about September 20, 2005, Grifco issued 220,000 shares of common stock to the Useltons as part of a Rule 504 offering. These unregistered shares were issued without restrictive legends. On or about October 5, 2005, the Useltons transferred the shares into two brokerage accounts that they controlled.

73. Between approximately October 28 and November 3, 2005, the Useltons orchestrated a spam email campaign touting Grifco. The spam emails, which contained no disclaimers, indicated that “Rocking Stock Times Selects: GFCI” as a “real winner” and that “nsiders tell us breaking news is expected that can make this company go very high immediately.” The principal spammer charged the Useltons at least $54,896 for spamming Grifco.

74. During the Grifco spamming campaign, the Useltons sold all 220,000 shares of Grifco stock, realizing proceeds of approximately $71,866. Grifco stock, which appears to have been the subject of other market manipulations, traded between $0.30 and $0.36 during the spamming campaign on average daily volume of approximately 525,000 shares.
http://www.spamsuite.com/book/export/html/176

SEC COMPLAINT > INVESTIGATION IS "ONGOING"

The Commission acknowledges the assistance of the Attorney General's offices for New York and Texas, The Harris County (Houston, Texas) District Attorney's Office, the Federal Bureau of Investigation, the Texas State Securities Board, the State of Oklahoma Department of Securities, the National Association of Securities Dealers and the National Cyber-Forensics and Training Alliance.

The Commission's investigation is continuing.
For further information contact:

Cheryl J. Scarboro
Associate Director
SEC Division of Enforcement
202-551-4403
http://www.sec.gov/litigation/litreleases/2007/lr20187.htm
http://www.sec.gov/news/press/2007/2007-130.htm

[printmail01]

GFCI CURRENTLY BEING SUED BY CTBG COIL TUBING:

Coil Tubing Technology, Inc. Files Suit Against Grifco, Grifco's former President and DTC

SPRING, Texas--(Business Wire)--
Coil Tubing Technology, Inc. ("CTBG") (OTC:CTBG), its majority
owned subsidiary, Coil Tubing Technology Holdings, Inc. ("CTTH") and
its President & Chief Executive Officer, Jerry Swinford, have filed
suit against Grifco International, Inc. (GFCI.PK) ("Grifco"),
Depository Trust & Clearing Corporation ("DTC") and the former
president of Grifco, James Dial (the "Defendants").

As previously disclosed in CTBG press releases, DTC contacted CTBG
in late April 2008 regarding issues associated with Grifco's
distribution of its 75,000,000 shares of CTBG in August 2007. The
distribution was effected through a stock dividend of CTBG shares to
Grifco shareholders as of the record date of May 1, 2006. Grifco
announced that each of its shareholders would receive 1.89 shares of
CTBG stock for each share of Grifco stock held as of the record date.
Thus, the stock dividend was premised on Grifco having approximately
40 million shares outstanding on the record date. However, according
to the DTC's records there were approximately 68 million Grifco shares
outstanding and held in book entry form on the record date.
Additionally, there were a yet undisclosed number of shares
outstanding held in certificate form, which are not included in the 68
million share total, and which may have not been included in the
distribution by Grifco. Mr. Swinford was one such record shareholder
of Grifco, who did not receive shares in Grifco's distribution.

CTBG believes that all three Defendants were aware of the
shortfall in shares in August 2007, but allowed the stock dividend to
go forward.

When CTBG was contacted by the DTC regarding the shortfall in
shares in April 2008, it immediately took steps to have Grifco contact
shareholders who did not receive shares in the distribution and obtain
signed waivers of their right to receive shares in the stock dividend.
To date, a limited number of such waivers have been obtained; however,
because of Grifco's failure to obtain waivers from a sufficient number
of shareholders, DTC demanded that CTBG acquire additional free
trading shares in the market or issue additional free trading shares
to satisfy the shortfall. Acquiring additional shares in the market is
both financially and logistically impossible and, because CTBG does
not have a registration statement on file allowing it to issue
additional free trading shares, filing such registration statement
would be expensive, time consuming, and subject to SEC approval.
Additionally, issuing additional shares of CTBG would substantially
dilute the interests of CTBG's existing shareholders.

On July 10, 2008, DTC issued a Stock Dividend E-Mail Alert that
stated it had not received sufficient shares from Grifco in order to
affect the stock dividend at the rate Grifco announced. DTC further
stated that unless it received the necessary shares by July 31, 2008,
it would unilaterally adjust the ratio of shares received in the stock
dividend from the rate originally declared, 1.89 shares of CTBG common
stock for each share of Grifco common stock which shareholders of
Grifco held, to a reduced rate of approximately 1.293870 shares.

By demanding that CTBG provide sufficient shares to satisfy the
shortfall or unilaterally adjusting the ratio of shares issued, DTC
was attempting to force CTBG to suffer the consequences created by
itself, Grifco and others. Grifco and DTC were in possession of the
relevant information when the stock dividend was issued.

Because the adjustment threatened by the DTC would irreparably
harm CTBG and its shareholders, on July 30, 2008, CTBG filed suit
against Grifco, DTC, and Dial. Additionally, CTBG sought and obtained
a temporary restraining order to restrain the DTC from adjusting
shareholder accounts.

Following the hearing, counsel for CTBG, Jess W. Mason, stated,
"Judge Stovall's Order today maintains the status quo and prevents DTC
from adjusting any accounts until a further Order of the Court. A
temporary injunction hearing will be held before the Court on August
22, 2008."

About Coil Tubing Technology, Inc. (CTBG)

CTBG is the result of a reverse merger with IPMC Holdings Corp.
which occurred in November 2005. After the reverse merger and until
about a year ago, CTBG owned all of the outstanding shares of CTTH and
currently owns 95.2% of CTTH's outstanding shares of common stock.
CTBG has historically conducted essentially all of its operations
through CTTH and its subsidiaries.

About Coil Tubing Technology Holdings, Inc. (CTTH)

CTTH was formed as a holding company of several operating
companies in 1999 and continues to have two wholly owned subsidiaries.
Through its primary subsidiary, CTTH specializes in the design of
proprietary tools for the coil tubing industry, concentrating on four
categories of coil tubing application: thru tubing fishing, thru
tubing work over, pipeline clean out, and coil tubing drilling. CTTH
and its subsidiaries were founded by Jerry Swinford, an oilfield tool
designer with more than 25 years experience in the creation of
oilfield tools. Mr. Swinford continues to serve as CTBG and CTTH's
director, CEO and president.

Forward-Looking Statements

Certain statements in this release, and other written or oral
statements made by CTBG and CTTH, including the use of the words
"expect," "anticipate," "estimate," "project," "forecast," "outlook,"
"target," "objective," "plan," "goal," "pursue," "on track," and
similar expressions, are "forward-looking statements" and are subject
to known and unknown risks, uncertainties and other factors that may
cause actual results, performance, or achievements of the company to
be different from those expressed or implied. CTBG and CTTH assumes no
obligation and does not intend to update these forward-looking
statements and takes no obligation to update or correct information
prepared by third parties that is not paid for by CTBG or CTTH,
respectively.

Coil Tubing Technology, Inc.
Attorney-CPA (Corporate Counsel)
John Akard Jr., 832-237-8600
or
Mason, Coplen & Banks, P.C. (Litigation Counsel)
Jess W. Mason, 713-785-5595
or
Bruce A. Coplen, 713-785-5595

Copyright Business Wire 2008

http://www.reuters.com/article/pressRelease/idUS195205+01-Aug-2008+BW20080801

[cyofish]

LOL...Las Vegas! There is nothing in Las Vegas. Only thing you will find at the Grifco's corporate address is a mom and pop engineering in a strip office park. There you will find a guy that earns gambling money registers out of state companies for a handsome fee. He literally registered hundreds of companies. I've been there, seen it, took pictures and asked questions.

Most of the investors here are well informed. Due Diligence isn't about asking the shysters question and believing everything they tell you. Due Diligence is vouching, tracing, and confirming information from independent sources. So if you're still talking about a 5 year plan, Libyans, accumulating than you have not done your due diligence IMO. BTW,