DGAP-News: GRIT INTERNATIONAL INC. - ANNOUNCES SUCCESSFUL SPIN-OFF OF TEXAS PETROLEUM INC.
(firmenpresse) - DGAP-News: GRIT International Inc. / Key word(s): Miscellaneous
GRIT INTERNATIONAL INC. - ANNOUNCES SUCCESSFUL SPIN-OFF OF TEXAS
PETROLEUM INC.
02.02.2011 / 17:17
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PRESS RELEASE
GRIT INTERNATIONAL INC. - ANNOUNCES SUCCESSFUL SPIN-OFF OF TEXAS PETROLEUM
INC.
GRANDE PRAIRIE, AB - Wednesday - February 2nd, 2011 - GRIT INTERNATIONAL
(3GR1:F) is pleased to announce the successful spin-off of its Texas
Petroleum division (www.texas-petroleum.com). Shares are expected to start
trading on the Frankfurt Exchange under the symbol 6TP on by the end of the
week.
Lawrence Zeiben, CEO of GRIT International said, 'We are very pleased to be
able to bring our oil&gas subsidiary to the market, and we expect Texas
Petroleum to do very well. Our goal has always been to add value to the
company for the benefits of the shareholder. We feel the successful
listing of Texas Petroleum moves us one step closer to achieving that
goal.'
Texas Petroleum shares are expected to open at EUR0.75. The company has
properties in the U.S. States of Kansas and Oklahoma with proven reserves
of over 9 Million Barrels of Oil, with an estimated value of over
$800,000,000 USD. GRIT International will retain approximately 22%
ownership through its subsidiaries after the spin-off, GRIT now has
additional value once calculated; if valuing GRIT shares could equate to
EUR0.30 - EUR0.40 and giving Texas Petroleum a value of approximately EUR55
million.
GRIT International would like to take this opportunity to thank all current
shareholders for their participation in the earlier GRIT - Texas Petroleum
EUR0.01 Share Opportunity which closed on December 31, 2010. All
participants have now been contacted.
ABOUT GRIT INTERNATIONAL INC.
GRIT International is a Canadian based company registered in the State of
Nevada, US. The company is a diversified industrial services company,
offering support services, utilities, oil&gas and mineral holdings. The
businesses that make up GRIT International work together to provide stable
revenues from the energy and mining industry. GRIT also seeks out
environmentally sustainable solutions in nuclear energy, renewable
resources and other alternative fuels and energy sources. GRIT's objective
is to expand each division from international to global service providers.
ABOUT TEXAS PETROLEUM INC.
As GRIT International's first spin-off company, Texas Petroleum
(www.texas-petroleum.com) is domestically and internationally focused on
the acquisitions of producing oil&gas fields. The primary criteria for a
property being targeted by Texas Petroleum is proven barrels in reserves
that can profitably be brought to market. In North America the company will
focus on Texas and surrounding oil reserves, noting these areas have
produced 5.2 billion barrels of oil since discovery. International focus
will be on emerging markets with particular attention being paid to the
networking connections of Ariva Resources Ltd. Texas Petroleum foresees
tremendous growth opportunities in these areas and plans to become a major
supplier of petroleum products.
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Contact: GRIT International Inc.,
Investor Relations
Website: www.gritintl.com;
E-mail: grit-admin(at)gritintl.com
P : +1.780.513.1125
F : +1.780.814.5584
A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7
Investor Relations- German
Mr. James Stewart
P: +49.2161 49694870
E: jstewart(at)gritintl.com
End of Corporate News
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110970 02.02.2011
Datum: 02.02.2011 - 17:17 Uhr
Sprache: Deutsch
News-ID 33126
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