TRIPOLI, Libya, Nov. 27 /PRNewswire/ -- Global Oil Tools Houma and Global Oil Tools Libya, report outstanding lines of credits and equipment loan debts at Whitney National Bank have been paid in full. In a statement by Jim Dial, President and CEO of Grifco International (OTC:GFCI) "The pay-off of the outstanding line of credits and loan equipment liabilities was successful through the ongoing assistance and credit enhancement negotiations and oversight spearheaded by our Libyan team. Moving forward the unification and consolidation of management and operational oversight efforts of Global Oil Tools USA and Global Oil Tools Libya by our Libyan counterparts from The Lyamec Group, have put the company in a much stronger position." Global Oil Tools is ISO 9001 and A.P.I. Spec. 14A certified and Quality Assurance Program conforms to all specifications set forth in ISO 9001 (ANSI/ASQC Q91) and A.P.I. Spec. 14A. Global has strict quality control standards, starting with the purchase of raw materials, through the manufacturing process, the inspection process, and the shipping process. Global maintains complete traceability on every product manufactured. 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 Oil Tools' 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. About Global Oil Tools, Inc. Global Oil Tools, Inc. ("Global"), located in Houma, LA, specializes in the manufacture of wireline tools, downhole flow control and surface equipment for the oil and gas industries. Its tools are used worldwide and are interchangeable with major service company tools, providing enhanced compatibility and usage in inventory and field operations. Global is ISO 9001 and A.P.I. Spec. 14A certified, and its ongoing Quality Assurance Program ensures continuous improvement beyond these stringent specifications from concept design through field deployment. About The Lyamec Group The Lyamec Group (http://www.lyamec.com/) 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. DATASOURCE: Global Oil Tools, Inc. CONTACT: Patric Riggs of Global Oil Tools Inc., +1-504-754-0005,

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