Further, Grifco announced that it has adopted resolutions to protect assets and to fend itself off as a target opportunity for a hostile takeover, with additional consideration and security in connection with Global Oil Tools Libya. In accordance with adopted resolutions and pursuant to agreements in place, Grifco International is to commence completion of consolidated audited financial statements as well as begin required asset separation agreements with certain subsidiaries as part of the offering. Pursuant to the terms of the asset separation agreement, certain subsidiaries will become "stand-alone" companies. The stand-alone company will operate independently of Grifco.
The Global Oil Tools Libya facility in Misurata is strategically located to provide ready access to critical key distribution points from which Global can deliver tools to regional customers on a just-in-time basis. Global's advantage in North Africa is the ability to provide a localized, fully integrated development, manufacturing and shipping facility over competitors shipping tools from distant distribution centers.
Grifco International is provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the United States, China, Mexico, South America, the Middle East, and Africa. Grifco holds and owns design rights and manufacturing facilities for producing more than 6,000 products for the oil and gas industry with more than 150 clients, including Halliburton, ExxonMobil Corp., and Schlumberger.
The Lyamec Group was established in 1999 to fulfill the existing and expanding demand for U.S.-made products as outlined by President Clinton in 1999. The Lyamec Group provides vital assistance in laying unique and integrated platforms with cross-border assets to further streamlining efficient and effective opportunities and solutions.
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