Jul 30 2010
GRIT International Inc., "GRIT" (FRANKFURT: 3GR1) (PINKSHEETS: GRIG) announces through its wholly owned subsidiary the 100% share acquisition of Groves Sandblasting Ltd of Alberta Canada.
With this acquisition, GRIT will continue to provide external/internal painting/coating application services based on its current contract with Taka Engineering which was appointed by Murphy Oil. The contracted project 6000 Meters (all 12 inch and under) of facility pipe along with structural needs for the Tupper Creek plant located on the Montenay Shale Natural Gas Play in Western Canada. Groves' previous clients include Akita Drilling, Canadian Natural Resources Limited, as well as EnCana, Ensign Energy and Flint Energy. Groves will continue to operate as usual with no interruptions and will extend its services to new and existing clients. Revenues were just over $1,500,000 CDN for 2009, up significantly from the previous year. Groves is also currently under agreement to complete work for EnCana's Plant facility, pipe and structural project on the Horn River Shale Natural Gas Play in Western Canada. The company expects an increase in revenue for 2010 of approximately 15%, whilst currently bidding on several new projects for 2010 and 2011.
HIGHLIGHTS FOR JULY 2010
Grit International has been very busy during the month of July 2010. The acquisition of Groves represents the placement of a significant building block for Grit and will allow the company to expand its services throughout the very active Western Canada Market. Other activities include agreements to acquire financing and purchase contracts from an industrial resource partnership which will allow the company to expand operations and investment activities into other resource sectors.
As part of this transaction, Grit has also been assigned equity financing agreements which the company expects to go to long form on within 7 days.