DGAP-News: GRIT International Inc. - ANNOUNCES TO 'IPO' OIL AND GAS SUBSIDIARY ON THE FRANKFURT EXCHANGE
(firmenpresse) - DGAP-News: GRIT International Inc. / Key word(s): IPO
GRIT International Inc. - ANNOUNCES TO 'IPO' OIL AND GAS SUBSIDIARY ON
THE FRANKFURT EXCHANGE
06.10.2010 / 09:00
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Corporate Press Release
Wednesday, October 6th, 2010
9.00am Central European Summer Time
PRESS RELEASE
GRIT INTERNATIONAL INC. - ANNOUNCES TO 'IPO' OIL AND GAS SUBSIDIARY ON THE
FRANKFURT EXCHANGE
GRANDE PRAIRIE, AB, Wednesday, October 6th, 2010: GRIT International Inc.,
'GRIT' (FRANKFURT: 3GR1) announces that its Canadian based oil and gas
subsidiary GRIT PETROLEUM INCORPORATED, will be spinning out a newly
listed public division called GRIT PETROLEUM TEXAS, which will be listed on
the Frankfurt Stock Exchange. This company is being created in order to
take advantage of the consolidation opportunities now present in the Texas
oil and gas industry. The company has been negotiating the purchase of a
large well package which has published proven developed and proven
undeveloped oil reserves of 10,000,000 barrels which represents based on
current oil prices of US$82 per barrel a minimum value of $820 Million
(theoretically = US$10.25 per share of GRIT International) - only based on
this one purchase with several more such petroleum transactions in the
company's pipeline. GRIT PETROLEUM TEXAS sees an opportunity to consolidate
smaller operators to create a portfolio of over 1000 producing wells by
early 2012. The company plans to utilize both bank and equity financing to
complete this acquisition.
ABOUT
GRIT INTERNATIONAL INC
GRIT International is a Canadian based company registered in the State of
Nevada, US; -Diversified Industrial Services Company, offering Support
Services, Utilities, Oil&Gas and Mineral holdings. The businesses that
make up GRIT INTL - Integrate amongst each other providing a present
revenue from the energy industry and also seeks out Environmentally
Sustainable solutions in nuclear energy, renewable resources in bio-waste
and other alternative fuels available at present time. GRIT foresees
expanding its divisions from an international to that of a Global services
provider. For more information please visit the company's website at
www.gritintl.com
Safe Harbor Statement; under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays
beyond the company's control with respect to market acceptance of new
technologies or products, delays in testing and evaluation of products, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
###
Contact: GRIT International Inc.,
Investors Relations
Website: www.gritintl.com;
E-mail: grit-admin(at)gritintl.com
P : 780.513.1125
F : 780.814.5584
A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7
End of Corporate News
06.10.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate Newsand Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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100085 06.10.2010
Datum: 06.10.2010 - 09:01 Uhr
Sprache: Deutsch
News-ID 32312
Anzahl Zeichen: 0
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Kategorie:
Business News
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