As previously disclosed in a press release dated August 1, 2008, Coil Tubing Technology, Inc. ("CTBG") (OTC:CTBG), its majority owned subsidiary, Coil Tubing Technology Holdings, Inc. ("CTTH") and its President & Chief Executive Officer, Jerry Swinford, have filed suit against Grifco International, Inc. (GFCI.PK) ("Grifco"), Depository Trust & Clearing Corporation ("DTC") and the former president of Grifco, James Dial (collectively the "Defendants") in the Montgomery County District Court.
In connection with the suit, on July 30, 2008, the Court issued a temporary restraining order to restrain the DTC from adjusting shareholder accounts and restraining all Defendants from the destruction of documents. The Court also set a temporary injunction hearing for August 22, 2008.
By agreement of the parties in the lawsuit, the temporary restraining order has been extended and the temporary injunction hearing date has been reset to September 12, 2008.
About Coil Tubing Technology, Inc. (CTBG)
CTBG is the result of a reverse merger with IPMC Holdings Corp. which occurred in November 2005. After the reverse merger and until about a year ago, CTBG owned all of the outstanding shares of CTTH and currently owns 95.2% of CTTH's outstanding shares of common stock. CTBG has historically conducted essentially all of its operations through CTTH and its subsidiaries.
About Coil Tubing Technology Holdings, Inc. (CTTH)
CTTH was formed as a holding company of several operating companies in 1999 and continues to have two wholly owned subsidiaries. Through its primary subsidiary, CTTH specializes 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. CTTH and its subsidiaries were founded by Jerry Swinford, an oilfield tool designer with more than 25 years' experience in the creation of oilfield tools. Mr. Swinford continues to serve as CTBG and CTTH's director, CEO and president.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by CTBG and CTTH, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. CTBG and CTTH assumes no obligation and does not intend to update these forward-looking statements and takes no obligation to update or correct information prepared by third parties that is not paid for by CTBG or CTTH, respectively.