Grifco Set to Divest Tubing Unit

Grifco International has set May 1 as the record date for its previously announced spin-off of wholly owned subsidiary Coil Tubing Technology (CTT).

Grifco shareholders will receive 1.89 shares of CTT for every one share held in Grifco as of the record date, up to 75 million shares. Upon completion of the spin-off dividend, CTT will have approximately 85 million shares issued and outstanding.

The distribution will occur when CTT receives acceptance of its SEC Form 10-SB, which is expected to be filed in April 2006. In order to participate in the CTT spin-off, a shareholder of Grifco must own their shares at the close of trading on May 1.

Grifco is a provider of oil and gas services equipment. It specializes in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the U.S., China, Mexico, South America, the Middle East, and Africa.