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Coil Tubing Technology, Inc. Announces Record Date for Spin-Off From Grifco
By Market Wire Last Update: 3/30/2006 9:00:06 AM Data provided by
SPRING, TX, Mar 30, 2006 (MARKET WIRE via COMTEX) -- Coil Tubing Technology, Inc. ("CTT") (CTBG) today announced May 1, 2006, as the record date for the previously announced spin-off of the Company from its parent company Grifco International, Inc. (GFCI) ("Grifco"). It is expected that the spin-off will be accomplished through a distribution of approximately 75% of the outstanding shares of CTT to the Grifco shareholders. Grifco shareholders as of the record date will receive a pro rata distribution of the Company's shares when the spin-off becomes effective.
The distribution will occur when the Company files a Form 10-SB with the Securities and Exchange Commission and it is declared effective. The 10-SB is expected to be filed in April 2006. In order to participate in the CTT spin-off, a shareholder of Grifco must own their shares at the close of trading on May 1, 2006.
About Coil Tubing Technology, Inc. (CTT)
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 application: 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 15 patents granted or pending and more than 25 years experience in the creation of oilfield tools.
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current estimates and projections about Coil Tubing Technology, Inc.'s business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's ability to execute effectively its business plan and acquisition strategy, changes in market activity, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. These and other risks are described in the Company's filings with the Securities and Exchange Commission, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update information concerning its expectations.
SOURCE: Coil Tubing Technology, Inc.
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