Grifco Announces Spins- Off Coil Tubing Technology

Grifco International says that the spin-off of its subsidiary Coil Tubing Technology will occur on Tuesday, August 7, 2007. The distribution of 75,000,000 shares of CTBG common stock will be made on August 7, 2007 to the Company's stockholders of record as of the close of business on May 1, 2006. Grifco will distribute 1.89 shares of Coil Tubing common stock for every share of Grifco common stock outstanding on the record date of May 1, 2006. Stockholders will receive the next whole share in lieu of fractional shares for amounts less than one full Coil Tubing share.

Following the distribution, Coil Tubing will be an independent, publicly traded company. Coil Tubing's common stock trades on the Pink Sheets under the symbol "CTBG".

"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."