Message #19 From:
Stock News Bot Date: October 17, 2006 06:07:00 AM
GFCI News Grifco International, Inc. Receives Purchase Order for Sinopec Southwest Oilfield, China
HOUSTON--(BUSINESS WIRE)--Grifco International, Inc. (Pink Sheets: GFCI), a provider of oil and
gas service equipment to the worldwide oil and gas industry, has
received a purchase order through its agent Oilland China and Mr. Lee
He. The purchase order is for the Sinopec Southwest oilfield. Mr. Lee He
has been Grifco’s agent in China for the past
15 years and has developed a great rapport with the Chinese National
Petroleum Company.
The purchase order specifies that Grifco will manufacture tools for
fishing, provide standard service and inflatable packers for use with
coil tubing. The PO is for an excess of $450,000 US. Prior to receiving
the PO, members of Grifco’s staff held a
seminar in Fort Worth for representatives of the Sinopec field. Their
representatives showed great interest in Grifco’s
tool and manufacturing capabilities.
Grifco has supplied tools to other areas in China and Jerry Griffith has
made several trips to China to promote the Grifco tool line. In
addition, Mr. Lee He has ordered several water units made with the same
dissimilar metal alloy used with the Silver Dawg™.
This alloy consists of dissimilar metals which change the electrolysis
of any fluids with which it may come in contact. Mr. He has great
confidence in this material and is working very hard to promote its use
both in the petroleum industry and housing industry. The dissimilar
metal alloy is great in the reduction of scale and corrosion in the
housing industry, as well as paraffin and asphalting in the petroleum
industry.
The Chinese market is one of the largest markets in the world and Grifco
International, Inc. will continue to work this market and offer coil
tubing tools, wire line tools and production solution tools.
Grifco International, Inc. in this past month had the opportunity to
provide tool quotes for buyers in excess of another million and half
dollars. We anticipate getting these orders as well in the next 30 to 60
days.
About Grifco International, Inc.
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 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, boasting the biggest names in the
business, including Halliburton, Exxon Mobil Corp., and Schlumberger.
Certain statements in this press release, and other written or verbal
statements made by the Company, include the use of the words "expect,"
"anticipate," "estimate," "project," "forecast," "outlook," "target,"
"objective," "plan," "goal," "pursue," "on track," and similar
expressions. These are all considered "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance, or achievements of the company to be different from those
expressed or implied. The Company assumes no obligation and does not
intend to update these forward-looking statements. There are important
factors that could cause actual results to differ materially from those
indicated by such forward-looking statements including, without
limitation: competitive and general economic conditions, adverse effects
of litigation, the timely development and acceptance of our products and
services, significant changes in the competitive environment, the
failure to generate or the loss of significant numbers of customers, the
loss of senior management or increased government regulation.
