GFCI... I researched and found the full press release...The release is priceless......and so seems the stock.....
Grifco International Signs LOI to Acquire Coil Tubing Company
Grifco International, Inc.Friday, March 18, 2005
Grifco International has signed a letter of intent to acquire a Texas-based coil tubing company. The acquisition candidate concentrates on four categories of coil tubing applications: thru tubing fishing, thru tubing work over, coil tubing drilling, and pipeline clean out.
The acquisition candidate recently developed a jetting tool to clean down hole well bores, a market estimated to exceed $100 million per year. The patented jetting tool is capable of removing barium, calcium carbonate, calcium sulfate, cement, coke tar, filter cake and iron sulfides from the bores of oil wells. During the process of developing and improving the jetting tool, the company created a "Jet Motor."
The patent-pending Jet Motor design was crafted without elastomers, making it unique among down hole motors on the market today. The tool is short, an advantage in thru tubing operation. Additionally, most motors have a temperature range which affect operation; the Jet Motor is not affected by the heat associated with down hole operation.
The acquisition candidate manufactures a Rotating Tool (mechanically induced rotation which provides rotational alignment to reduce or eliminate the need to work the tool, thus reducing pipe stress and fatigue. The tool maximizes acceleration to a jarring device either in the up or down stroke. Additionally, the company manufactures an energy-storing device in which stored energy is released instantaneously, accelerating the velocity of the string above the jarring mechanism, intensifying the impact in the hole.
The worldwide thru tubing motor industry exceeds $500 million annually. Grifco International estimates the addition of the product line will increase revenue in the first year of operation by as much as $20 million.
"At this time, GFCI has elected to forego naming the acquisition candidate until the due diligence process on inventory, assets, and technology is complete and the definitive acquisition agreement is signed. The due diligence process should be completed and the definitive agreement signed within sixty days," said Jim Dial, President and CEO of Grifco International
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If someone would like to attend...AND REPORT BACK TO THE BOARD...
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SPE/ICoTA Coiled Tubing Conference and Exhibition
23 - 24 Mar 2004 The Woodlands, Texas USA
Pre-conference registration is now closed. Please register on site during the following hours:
Monday, 22 March - 1400 -1800; Tuesday, 23 March - 0800 - 1800; Wednesday, 24 March - 0800 - 1400
Venue: The Woodlands Waterway Marriott Hotel & Convention Center
This premier event attracts a broad spectrum of coiled tubing professionals from around the globe. The event is attended by the most diverse range of talents in the industry, linking all sectors of the international coiled tubing business, encompassing the end user client base, the equipment manufactures and providers, the service providers, and academia. The conference is intended as an occasion for you and your colleagues to have the opportunity to exchange information, share experiences, and review technology through the use of technical presentations, poster sessions, and informal technical discussion sessions. The event also hosts an extensive indoor exhibition of equipment and services, focused primarily on the advancement of coiled tubing applications and services.
See two coiled tubing units on display!
The Varco group will display a complete coiled tubing unit at this year's show. It features a combination land/offshore coiled tubing unit by Hydra Rig, a BOP stack by Texas Oil Tools, Tubing by Quality Tubing, and a data acquisition system by Coiled Tubing Engineering Services.
Stewart & Stevenson will display a state-of-the-art bodyload coiled tubing rig, featuring a light weight S&S Series 800 Injector Head. This unit is capable of carrying approximately 10,000 feet of 1 3/4" coil tubing with control system, BOP, crane and all standard accessories.
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