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Wednesday, April 25, 2007
Tuesday April 24, 10:01 am ET
HOUSTON–(BUSINESS WIRE)–Grifco International, Inc. (the "Company") (Pink Sheets:GFCI – News) announced today the procedure for the spin-off of its subsidiary Coil Tubing Technology, Inc. ("CTT") (Pink Sheets:CTBG – News).
In the upcoming weeks, the Company will be distributing the 75,000,000 shares of CTT it holds as a special dividend to its shareholders of record as of May 1, 2006. Shareholders of GFCI who owned their shares as of close of trading on May 1, 2006 will receive 1.89 shares of CTBG for every 1 share owned of GFCI. While the Company had previously announced that CTT would regain reporting compliance with the Securities and Exchange Commission (the "Commission") prior to the consummation of the spin-off, the Company has elected to take advantage of the exemptions offered by the Commission regarding securities held for at least two years. To consummate the spin-off, the Company will be delivering an Information Statement to shareholders as of the record date, containing information about CTT, including financial statements, and the terms of the spin-off. The Company intends to simultaneously upload this information.
"We are pleased that the Company is finally positioned to consummate the long-awaited spin-off of Coil Tubing," stated Jim Dial, Grifco’s President and CEO. "Once achieved, the spin-off will allow both Grifco and CTT to focus on their primary goals and continue to operate as pioneers in their respective sectors."
About Coil Tubing Technology, Inc.
Coil Tubing Technology, Inc. (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing applications: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than fifteen patents granted or pending and more than 25 years experience in the creation of oilfield tools.
About Grifco International, Inc.
Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the United States, China, Mexico, South America, the Middle East and Africa. Grifco’s patented products are known and used throughout the world. In addition to our patented tools, Grifco holds and owns design rights and manufacturing facilities for producing more than 6000 products for the oil and gas industry with more than 150 clients, boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of federal securities laws including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions. Although the Company believes that the statements were reasonable when made, these forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
Contact:
Grifco International, Inc.
Jim Dial, 936-788-5994
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