Grifco Inc (GFCI)

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FROM TTII 10k filing FILING RE: CTT "merger" >

http://www.sec.gov/Archives/edgar/data/356590/000114420407018876/v071607_10ksb.htm

Page 6
On November 21, 2006, we entered into a Letter of Intent with Coil Tubing Technology, Inc. (CTBG.PK) and Grifco International, Inc. (GFCI.PK). Although pursuant to its terms the letter of intent expired, we are proceeding with a contemplated transaction whereby we will exchange preferred shares to be issued by our wholly-owned subsidiary Coil Tubing Technology Group, Inc., a Nevada corporation, in exchange for all the issued and outstanding shares of Coil Tubing Holdings Inc., a Texas corporation, currently held by Coil Tubing Technologies, Inc. The non-voting preferred shares will be convertible into shares of Coil Tubing Technology Group one year after the closing of the proposed transaction. As of December 31, 2006, Coil Tubing had an accumulated deficit of $655,430, a net loss of $543,289 and cash used in operations of $406,037. Coil Tubing specializes in the design of proprietary tools for the coil tubing industry, supplying tools to oil companies, coiled tubing operations and service companies.


Consummation of the share exchange is contingent on various conditions, including without limitation, obtaining the approval of the transaction from the shareholders of Coil Tubing Holdings, finishing our due diligence investigation on Coil Tubing, negotiating and executing definitive documents, review of the audited financial statements of Coil Tubing Holdings by our auditors and obtaining board approval of the transaction.


Except for the negotiations with Coil Tubing Technology, Inc., we have not entered into any other negotiations regarding any other acquisitions or transactions.