Before the end of May 2007, the Company will deliver the 75,000,000 shares of CTT that it holds in certificate form as a special dividend to GFCI shareholders of record as of May 1, 2006, the record date of the spin-off. Shareholders of GFCI who owned their shares as of the close of trading on May 1, 2006 will receive 1.89 shares of CTBG for every 1 share owned of GFCI.
To consummate the CTT spin-off, the Company will deliver an Information Statement to shareholders of GFCI as of the record date that will contain specific information about CTT and its operations, including financial statements of Coil Tubing Technology Holdings, Inc., an operating subsidiary of CTT, audited by an independent public accounting firm, as well as express terms of the spin-off. The Company will simultaneously upload the same information onto the Pinksheets.com web site.
"We are extremely pleased that the Company is finally positioned to consummate this long-awaited CTT spin-off," stated Jim Dial, Grifco's President and CEO. "Once consummated, the spin-off frees CTT from being a Grifco subsidiary and allows both companies to individually focus on their primary goals as they continue to operate as pioneers in their respective sectors."
Since its formation in 1998, CTT has specialized in the design of proprietary tools for the coil tubing industry, concentrating on four categories of coil tubing application: 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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