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Tuesday, October 28, 2008
Release
Global Oil Tools Libya Project Mulls Africa Based LAP Investment Group Take-Over Proposition
LAS VEGAS, Oct 27, 2008 /PRNewswire via COMTEX/ — It is limitedly acknowledged that Global Oil Tools board will soon decide on its project take-over bid for its 100,000 square foot facility development in Africa.
The bid for the manufacturing rights of more than 4,000 products and components comes under a proposed build, operate, and transfer protocol. Project development funding has been placed in escrow and shareholder approval is expected soon.
Catching up with Global Oil Tools interim CEO R.G. Raymond is not so easy to achieve. Traveling from city to city and state to state in a customized 45′ Motor Coach seems to be the practical way to manage operations.
Since The Lyamec Corporation’s takeover of Global Oil Tools, the company’s robust outlook has not been more evident. All outstanding debts and secured notes at Whitney National’s Banks have been retired.
Working closely with his management team, R.G. oversaw increased automation of manufacturing processes by several additions of machining units allowing for considerable improvements in backlogged order processing and deliverables with no strain on operators. Management has delivered solid growth in revenues and generated 30% net earnings on per dollar of sales in each of the last two years and the outlook is robust.
Parked at the Oasis Resort in Las Vegas, I interviewed R.G. as a quick typical Libyan dish was whipped up in 15 minutes. Needless to say a fire retardant is a must!
Question: This is a unique way to travel?
Answer: America is a beautiful country to travel by road. I regard it as eclectic medicine. I meet the everyday people across America and not the Smith’s of the city.
Question: Actually I met with you during a shareholders presentation at one time here in Vegas. You seem to be an avid visitor to the city.
Answer: I truly enjoy Vegas as much as I enjoy Washington. In essence I think they are actually one of the same.
Question: A lot have been talking about Global Oil Tools and its touted facility in Africa. Historically there has been much talk about how a small cap company accomplished so much in the region to what its larger rivals found challenging.
Answer: Yes, I can imagine so. Frankly, Global Oil Tools is a manifestation of visionaries. Its then founder and now our chief operating officer Wilfred James Barnhill, in my opinion, is the epitome of a walking encyclopedia in the industry. Unfortunately, Global was stampeded by industry during the Wall Street gold rush. However, it is the backbone for many of now and then fortune 1000 giants. It was not hard to dig its roots out and clearly see its potential. Needless to say, Hughes Tool Company that was established in 1909 by Howard Hughes, which is now Baker Oil Tools, is and has been one of our most savored clients for many years. I think that alone speaks well for Global Oil Tools.
Question: Many have been waiting for the announcement of your public filing. What is the current status and where do you see your strategic marketing, I mean especially in Libya where we see that The Lyamec Corporation was ahead of the curve being uniquely positioned since 1999.
Answer: Well, Libya is a unique and wonderful environment to operate in. Why was Lyamec ahead of the curve? Well (pause), I would say guidance and forecast. Unfortunately, as the industry reached peak discovery, fortunately, production looks for more tooling to maximize output. This has placed Global Oil Tools on radar for many venture capitalists that are seeing the surge for production tooling. Look, we have done extremely well with Global and now our objective is sealed and with the smiling Olympian, ‘Athena’. The continued expansion in Africa is taking Global from a small cap growth company to more than USD $160 Million over the next 5 years. Having said that once the bid is approved I look forward to rapidly building and expanding into Africa.
Question: We learned that an African Investment Group is poised for acquiring this mega project. Can you tell me more?
Answer: Surely enough the group and thru its chairman is one of the most professional and most sophisticated groups of visionaries out there. Their mission is to diversify their portfolio in the region and they have done superbly well in the past three years. And now that we have moved past the political hurdles that allowed for Americans to sideline themselves while allies reaped and leveraged their interest on our dime; the motto now is ‘go green’.
Since its launch in 1978, Global Oil Tools is an ISO 9001 and A.P.I. Spec. 14A certified and its Quality Assurance Program conforms to all specifications set forth by 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.
SOURCE ViewPoint Professionals
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