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yes, GFCI must finally be ready to release that update on the Jet Motor deliveries. These 50 units are supposed to generate $2M/month in mostly profit!
With 25-30M shares outstanding that means nearly $1/year EPS is possible... Not necessarily likely, but possible.
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"The Rotorjet fleet is projected to continue to increase by ten units per month for the remainder of fiscal 2005, with anticipated revenues from this product line to be $3.2 million annualized. Grifco expects to release an update shortly on the leasing and shipping schedule of our Jet Motor units."
They said "shortly" almost 2 weeks ago, and rumor over at Raging Bull has it they just finished shipping, so the update ought to be imminent. To me, two weeks is one week too late, but still- better late than never. $2M/month is HUGE! (The $3.2M/yr mentioned above is another tool, in addition to JM)
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Another 50 units in the works now... GFCI will be huge!
Grifco International Announces Another Production Run of Jet Motors
Wednesday August 10, 9:00 am ET
HOUSTON--(BUSINESS WIRE)--Aug. 10, 2005--Grifco International (OTC: GFCI - News) has announced that it plans to produce another 50 Jet Motor units by mid-September. The first production run of 50 Jet Motors has been shipped to clients all over the world and should be in operation, depending on the logistics of their destinations, by the end of this month. Three are currently in operation, generating $15,000 per day in revenues ($5,000 each). "Several of the major oil and gas companies, as well as large independents, have lined up to utilize this 'one of a kind' tool, knowing that a single Jet Motor will typically enhance oil and gas production 15-25% per well, while saving money on workover costs," stated Jim Dial, president and CEO of Grifco International. "We anticipate that the rental units will be used continuously and repetitively by clients, shifting from well to well, for the life of the tool. The 50 Jet Motor units will generate approximately $2 million per month in rental fees with 75% utilization."
Coil Tubing Technology Inc., a wholly owned subsidiary of Grifco International Inc., produces the "Jet Motor," a proprietary product for the oilfield drilling and production workover industry. The oilwell workover industry has long desired a downhole drilling motor that can operate on coiled tubing workover units with fluid or nitrogen wells up to 600 degrees Fahrenheit to effectively clean paraffins, calcium carbonates and barium in tubular production strings.
The design concept behind the Jet Motor was to provide the industry with a rotationally driven tool, independent of the workstring, without elastomers and able to produce sufficient horsepower. The requirements were that the tool needed to operate on fluid or nitrogen and the tool needed to supply sufficient jet velocity and impact force to the nozzle. The Jet Motor solves this riddle by creating horsepower by injection of the fluid or gas used through an offset orifice while converting the horsepower to torque with a control tube that maximizes the torque to the drive system and provides usable drilling torque to the bit. There is no other product available in the industry that can hydraulically clean, mechanically drill with torque, utilized in fluid or gas, and is able to operate in 550 degree F hole conditions.
The Jet Motor represents the leading edge of oilfield drilling technology that will revolutionize the way drilling and workover operations are conducted while greatly reducing the cost of workover to the well operator.
Congrats Jiesen! .... Since that short pick couldn't be palyed with real dollars, can't cheer too much about "that" .... But GFCI was one hot (penny) call. GOOD JOB!
I'm sticking with PARL and PACT (long) next week, gotta prove Spike's bearish TA on PACT wrong.lol .... I'll post my short pick(s) Sunday night.
I believe this is the first time I came in last...But as a consolation I had my best daytrading week since March with 12 up 3 dn...So I don't feel so bad about losing....IIC
"Trade What Is Happening...Not What You Think Is Gonna Happen"
About that "bad" non-tradable short pick .... If my -$1,000 "non-tradable stock penality" had been imposed on you (for future reference we'll just call it the "Lye rule") .... You'd have still won handily!
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