SOURCE: Grifco International, Inc.

April 13, 2005 08:00 ET

Grifco International Acquires Coil Tubing Technology Holding, Inc.

HOUSTON, TX -- (MARKET WIRE) -- April 13, 2005 -- Grifco International, Inc. (OTC: GFCI), a provider of oil and gas service equipment to the worldwide oil and gas industry, has acquired Coil Tubing Technology Holding, Inc.

Coil Tubing Technology Holding (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.

Product Line

The Thru Tubing Fishing tools of CTT include a Rotating Tool (mechanically induced rotation) used to rotate tools attached below it. The rotating tool provides rotational alignment that reduces or eliminates the need to work the tool, thus reducing pipe stress and fatigue. The "Heavyhitter" is used to maximize acceleration to a jarring device either in the up or down stroke. The "Amplidyne" tool is an energy storing device used in conjunction with the Heavyhitter. Stored energy is released instantaneously, accelerating the velocity of the string above the jarring mechanism, intensifying the impact on a fish in the hole.

CTT developed a jetting tool to clean down hole well bores, a market estimated to exceed $100 million per year. The CTT tool is capable of removing barium, calcium carbonate, calcium sulfate, cement, coke tar, filter cake and iron sulfides from the bores of oil wells. During the process of developing and improving the jetting tool, CTT made an important discovery: the "Jet Motor."

The CTT Jet Motor design was crafted without the use of elastomers, making it unique among down hole motors on the market today. The tool is short, a distinct advantage in thru tubing operations. Additionally, most competitor motors have a temperature range which affect operation; the Jet Motor is unaffected by the heat associated with down hole operations. The worldwide thru tubing motor industry exceeds $500 million annually.

The major concerns of the conventional motors on the market place, heat and length, are eliminated with the new CTT Jet Motor. Grico International estimates the addition of the CTT product line will increase revenue in the first year by as much as $20 million.

Grifco International, Inc. 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 U.S., China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Company cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the Company's forward-looking statements are found in our SEC filings.

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