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GFCI News Grifco International, Inc. Announces Payment in Full of Letters of Credit and Equipment Loans

HOUSTON--(BUSINESS WIRE)--Grifco International, Inc. (Pink Sheets:GFCI) announced today a financial milestone that all outstanding letters of credit (the LC") and equipment loan liabilities with Whitney National Bank have been paid in full. In addition, all LC's and equipment loan liabilities for Global Oil Tools (Houma, LA) have been paid in full.

Jim Dial, President and CEO stated that "we were able to pay-off the LC's and loan liabilities through the ongoing assistance and credit enhancement negotiations of the Libya team. This is just one aspect of a top to bottom oversight plan spearheaded by our Libya team. By unifying our management efforts we have put the company in a much stronger position to move forward. With the strategic help from our Libya team we are preparing for consolidated management of both USA and Libya operations."

Forward-Looking Cautionary Statements

Any statements that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.