GFCI Grifco International Inc (CE)

Grifco International, Inc. (Pink Sheets:GFCI) announced today that its Board of Directors has approved �go public� agreements with Universal Energy Resources, Inc. (�UERI�) and Precision Drilling & Exploration, Inc. (�PDEI�). The agreements provide that upon going public UERI and PDEI are contractually obligated to enter into a share exchange with GFCI shareholders who have proof of physical ownership of GFCI shares as of a record date to be determined. The purpose of requiring proof of physical share ownership is to prevent �naked short sellers� from receiving any shares in either UERI or PDEI. As a result of the share exchange, GFCI shareholders will enjoy majority ownership of the new public companies. Jim Dial, President of GFCI, stated, �This is consistent with our plan to create additional shareholder value for our shareholders. Both UERI and PDEI will have cleared all regulatory filings in the next 30 days. We expect both UERI and PDEI to commence trading shortly thereafter.� SAFE HARBOR Forward-Looking Statements: The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, deployment of new services and products and growth of our customer base. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing or other factors. Any such statements are subject to risks and uncertainties, including, without limitation, the company's dependence on third parties, market conditions for the sale of services, technical developments, availability of capital, and other risks and uncertainties. The company disclaims any obligation to update information contained in any forward-looking statement.