SOURCE: Coil Tubing Technology, Inc.

May 05, 2006 09:43 ET

CTT Addresses SEC Reporting Status and Reiterates Record Date for Spin-off of May 1

HOUSTON, TX -- (MARKET WIRE) -- May 5, 2006 -- Coil Tubing Technology, Inc. ("CTT") (OTC: CTBG) today addressed the status of gaining reporting compliance with the Securities and Exchange Commission via a Form 10-SB as proposed in its press release on March 30, 2006. A wholly-owned subsidiary of Grifco International, Inc. (OTC: GFCI), CTT's separate existence as a publicly-traded company began on December 22, 2005 when it consummated a share exchange with IPMC Holdings Corp., formerly an SEC reporting company ("IPMC").

Although it was anticipated CTT would conduct an audit of the last two years' financial statements and then begin its SEC reporting separately from IPMC via Form 10-SB pursuant to Section 12(g) of the Securities Exchange Act of 1934, the Company has consulted with SEC counsel and other subject matter experts to determine a more effective means of becoming compliant with SEC reporting requirements.

Over the next several weeks, CTT anticipates filing reports for the predecessor entity IPMC to regain reporting compliance with the SEC. IPMC had not filed a periodic report with the SEC since May 12, 2003 when it reported its quarterly financial results on Form 10-QSB. Shareholders are encouraged to visit the SEC's EDGAR site at http://www.sec.gov/cgi-bin/browse-edgar?company=IPMC&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany to view these reports as they are filed.

CTT anticipates that all deficient reports will be filed with the SEC by month's end. The Company will update shareholders should this deadline be extended due to constraints in completing the historical filings for IPMC.

CTT also clarified today that despite the delay in completing filings to re-establish SEC Reporting compliance, the record date announced on March 30, 2006 for shareholders of Grifco to receive dividend shares of CTT has not changed. Shareholders of GFCI who owned their shares as of close of trading on May 1, 2006 (regardless of settlement date) will receive 1.89 shares of CTBG for every 1 share owned of GFCI. Grifco management is working diligently with its transfer agent and the Depository Trust Company to ensure timely delivery of CTT dividend shares. CTT and Grifco hope the distribution of shares will be completed by July 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.

For more information, please visit: www.coiltubingtechnology.com.

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.

Contact Information

  • Contact:
    Chicago Investor Relations LLC
    312.238.9875