Replies to post #993 on Grifco Inc (GFCI)

[dcbass]

News for 'GFCI' - (Lyamec Completes Formation of Global Oil Tools Libya and Moves to Preconstruction Stage)


TRIPOLI, Libya, Dec 13, 2005 /PRNewswire-FirstCall via COMTEX/ -- Lyamec
Corporation (www.lyamec.com) announces that on December 6th, 2005 the General
People's Committee (GPC) issued a formal notice to Misurata's free trade zone
and to the local authoritative agencies on the establishment of Global Oil Tools
Libya, a 24,000 Sq. Ft. state of the art manufacturing and distribution
facility.

Global Oil Tools Libya is currently ahead of its outlined schedule into creating
a fully integrated, ISO certified, manufacturing and distribution facility with
advanced B2B technology application(s), for the market region.

In a statement issued by CEO R.G. Raymond, "We would like to give our sincere
thanks and gratitude to the GPC for the recognition of the benefits this project
offers to the local community and to Libya's recent social and economic reforms
under taken by the General People's Committee."

Current and future clients will benefit from a fully integrated "wrap around"
facility with multi dimensional quality and performance controls in submission,
processing, manufacturing and distribution with delivery and oversight tracking
on itemized product performance. The facility has been strategically settled for
construction with in close proximity (approx. 5 mile radius) to the Libyan Iron
& Steel manufacturing facility located in Misurata.

Concurrently, The Libyan American Corporation (Lyamec) has also agreed to
further expand the joint venture applications in Libya by buying into Grifco's
(Pink Sheets: GFCI) new spin off of its Coil Tubing Technology (CTT) (Pink
Sheets: IPHG). Several U.S. resource planning firms are currently working with
Lyamec on building a ground breaking regional model application system including
system applications on technical enhancements, branding & distribution, to
quality control data applications.

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

SOURCE Lyamec Corporation



CONTACT:          T. McManus of Lyamec Corporation, [phone], [e-mail]