Lyamec Completes Formation of Global Oil Tools Libya

Lyamec Corporation reports 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.

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