GRIT International Inc.
GRIT INTERNATIONAL INC. – ANNOUNCES SUCCESSFUL SPIN-OFF OF TEXAS PETROLEUM INC.
GRIT International Inc. / Key word(s): Miscellaneous
PRESS RELEASE
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. ###
Contact: GRIT International Inc.,
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