HOUSTON, TX, Apr 13, 2005 (MARKET WIRE via COMTEX) -- Grifco International, Inc. ( GFCI ), a provider of oil and gas service equipment to the worldwide oil and gas industry, has acquired Coil Tubing Technology Holding, Inc.
Coil Tubing Technology Holding (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing applications: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than fifteen patents granted or pending and more than 25 years experience in the creation of oilfield tools.
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HOUSTON, TX, Nov 08, 2005 (MARKET WIRE via COMTEX) -- Grifco International, Inc. ( GFCI ) announced today that it has commenced the reorganization of its wholly owned subsidiary Coil Tubing Technology, Inc. ("CTT") in a strategic move to enable CTT to strengthen its market position as a leading provider of oil services technology and equipment.
On November 7th, 2005, the Company consummated a reverse acquisition of IPMC Holdings Corp. ( IPHG ) ("IPMC") whereby it exchanged all of the issued and outstanding capital stock of CTT in exchange for 75,000,000 newly issued shares of IPMC's common stock. As a result of the exchange, Grifco owns approximately 88% of IPMC's voting stock and CTT is a wholly owned subsidiary of IPMC. Pursuant to the terms of the exchange, the officers and directors of Grifco have been appointed as officers and directors of IPMC and IPMC's former officers and directors have resigned. The Company will change the name of IPMC to reflect its new focus as the parent of CTT's operations.
"The spinoff gives Coil Tubing Technology the ideal platform to strengthen its industry leadership and the ability to attract investors who recognize the value of our new breed of oilfield technologies," said Jerry Swinford, founder of Coil Tubing Technology (CTT). "CTT would like to welcome the GFCI shareholders into this exciting and new iteration of our company."
The Company also announces today its intention to spin-off the operations of CTT from Grifco as a special dividend distribution to its shareholders. Grifco anticipates the spin-off will occur shortly after a registration statement for IPMC's common stock is declared effective by the Securities and Exchange Commission. After separation, CTT will be a separate publicly traded company in which Grifco will not retain ownership interest.
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