SOURCE: Coil Tubing Technology, Inc.

January 30, 2006 10:41 ET

Coil Tubing Technology Completes World's First Coil Tubing Cleaning System

SPRING, TX -- (MARKET WIRE) -- January 30, 2006 -- Coil Tubing Technology, Inc. (CTT) (OTC: CTBG), in alliance with Hammelmann Corporation, of Dayton, Ohio, internationally renowned as a leader in the field of high-pressure oilfield technologies and subsidiary of Hammelmann GmbH, Germany, has developed the first high-pressure Naturally Occurring Radioactive Material (NORM) decontamination unit for oil and gas wells.

Under the extreme temperature and pressure conditions present in well bores, combined with certain types of mineral deposits, chemical reactions occur and result in the buildup of radioactive materials. Over time, tubular production equipment and coiled tubing strings become NORM contaminated, presenting a danger to well operators as well as to the environment. With the CTT Coil Tubing Cleaner, coil tubing production strings are safely cleaned of NORM, with the naturally occurring contaminants re-deposited into the wellbore from which they originated.

"The ability to return NORM in the wellsite will be of major economic benefit to oil companies by reducing operational liabilities," stated Jerry Swinford, President of CTT. "With this technology, the oilfield industry can also be seen as a good steward of the environment by minimizing the need to store radioactive material byproducts from the extraction of oil and gas from wellbores."

CTT will exclusively market and operate the coil tubing cleaners worldwide through its established network of service companies.

"CTT is pleased to be able to provide the new technology, in alliance with Hammelmann, to the oilfield industry. CTT and Hammelmann have agreed to develop high pressure hydraulic systems for well service downhole applications utilizing the 60,000 PSI Hammelmann pumps," Swinford added.

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.

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Forward-Looking Statements

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.

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