In the upcoming weeks, the Company will be distributing the 75,000,000 shares of CTT it holds as a special dividend to its shareholders of record as of May 1, 2006. Shareholders of GFCI who owned their shares as of close of trading on May 1, 2006 will receive 1.89 shares of CTBG for every 1 share owned of GFCI. While the Company had previously announced that CTT would regain reporting compliance with the Securities and Exchange Commission (the "Commission") prior to the consummation of the spin-off, the Company has elected to take advantage of the exemptions offered by the Commission regarding securities held for at least two years. To consummate the spin-off, the Company will be delivering an Information Statement to shareholders as of the record date, containing information about CTT, including financial statements, and the terms of the spin-off. The Company intends to simultaneously upload this information.
"We are pleased that the Company is finally positioned to consummate the long-awaited spin-off of Coil Tubing," stated Jim Dial, Grifco's President and CEO. "Once achieved, the spin-off will allow both Grifco and CTT to focus on their primary goals and continue to operate as pioneers in their respective sectors."
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 applications: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling.
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 industry throughout the United States, China, Mexico, South America, the Middle East and Africa.
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