Grifco Concludes Step in Merger Deal
Grifco International, Inc. ("Grifco" or the "Company said late Friday that it has closed the first-round deal documents to merge with the targeted OTC Bulletin Board company following meetings of the respective executive officers in Las Vegas, NV.
Jim Dial stated, "We worked all day Thursday and Friday in Las Vegas to complete the deal documents with our corporate counsel. We are pleased to have completed this important milestone for the benefit of our shareholders. There is a lot of hard work ahead of us and we ask our shareholders to understand the importance of becoming part of a reporting company with the Securities and Exchange Commission where information must be filed in advance with regulatory authorities after approval of securities counsel and auditors. This is not only good business practice, but it is mandated under Sarbanes-Oxley and the rules of the SEC."
Mr. Dial continued, "One of the first orders of business was to form a new wholly owned subsidiary as part of a triangular merger in a tax free exchange of shares. We further explored venues for our up-coming shareholders meeting. Further details about the shareholders meeting will be forthcoming.
"After meeting with our securities counsel, we were advised that the merger company must file an 8-K announcing a 'material event' together with details of the merger terms within the time prescribed by the SEC. A Form 14A proxy statement will then be filed with the SEC in the same time period and mailed to its shareholders to approve the deal and certain other corporate organizational matters. The merger company will use the services of a proxy agent to handle communications with its shareholders.
"Our next step will be to meet with our investment bankers in San Francisco, CA next week with respect to capital structure post merger and details of how best to finance our targeted acquisitions pursuant to our roll-up strategy."
Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industries 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, boasting the biggest names in the business, including Halliburton , Exxon Mobil Corp, and Schlumberger.
- Venezuela Will Remap its Caribbean Oil, Gas Prospects (Jan 09)
- Offshore Guyana Wildcat Spuds (Jan 07)
- Venezuela Unites (For Once) Around Guyana (Dec 27)
Company: Halliburton Company more info
- Halliburton Names New Western Hemisphere President (Jan 15)
- Halliburton's Lesar Exits After 25 Years (Jan 03)
- Halliburton Gets Second CFO in 17 Months (Nov 13)
Company: Schlumberger more info
- States Look to Block Seismic Surveys in Atlantic (Dec 20)
- ExxonMobil and BHP Greenlight Offshore Australia Project (Dec 13)
- Schlumberger's Year-End Frack Forecast is a Lump of Coal (Dec 04)
Company: Grifco more info
- Grifco Announces Spins- Off Coil Tubing Technology (Aug 02)
- Grifco Further Clarifies CTT Spin-off Procedure (May 14)
- Grifco Unveils Procedure for CTT Spin-off (Apr 24)