Grifco International, Inc. Announces Agreements with Universal Energy Resources, Inc. and Precision Drilling & Exploration, Inc.

  
    
  
  
    
      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.