SOURCE: Grifco International, Inc.

October 30, 2006 09:15 ET

Grifco International, Inc. Clarifies Coil Tubing Press Release Regarding Spin-Off Dividend

CONROE, TX -- (MARKET WIRE) -- October 30, 2006 -- Grifco International, Inc. ("Grifco" or the "Company") (PINKSHEETS: GFCI) announced today that there has been no change in either the number (1.89 shares of Coil Tubing for 1 share held in Grifco) or record date (May 1, 2006) for shareholders to receive share dividends as the result of the spin-off of Coil Tubing Technology, Inc. The dividend will be issued to shareholders through a new company other than CTBG for the reasons stated by Coil Tubing Technology, Inc. The new company will be either an existing fully reporting issuer current with all of its financial filings with the Securities and Exchange Commission ("SEC") or through a registration process with the SEC initiated by Coil Tubing Technology, Inc.

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 industries throughout the United States, China, Mexico, South America, the Middle East and Africa. Grifco holds and owns design rights and manufacturing facilities for producing more than 6,000 products for the oil and gas industry with more than 150 clients, boasting the biggest names in the business, including Halliburton, Exxon Mobil Corp, and Schlumberger. For more information, please visit: www.grifco.org.

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" and 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 and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company.

Contact Information

  • Contact:
    Chicago Investor Relations LLC
    312.238.9875