Coil Tubing Announces Update in Strategic Plan and Receipt of Investment Capital.

SPRING, Texas -- Coil Tubing Technology, Inc., a Nevada corporation ("CTT") (OTC:CTBG), today provided an update regarding its previously announced strategic plan and the receipt of investment capital totaling $250,000.

CTT, as currently structured, is the result of a restructuring by Grifco International, Inc. ("Grifco") (OTC:GFCI) in late 2005. Since this restructuring, CTT has worked diligently to locate investment capital so it can pursue its strategic business plan.

In late 2006, in an effort to continue to pursue its strategic business plan, CTT along with Grifco and Tree Top Industries, Inc. (OTCBB:TTII), announced that they had entered into a Letter of Intent ("LOI"). The parties encountered issues in consummating the transaction anticipated in the LOI and, as a result, the LOI has been terminated.

CTT recently received $250,000 from one investor, representing the purchase of 11,363,636 units, each unit consisting of one share of common stock and one warrant with an exercise price of $0.022 per share. The investor also has the right to invest an additional $250,000 on similar terms at a later date, which right expires in August 2007. This capital contribution is the next step in CTT's continuing pursuit of its strategic business plan which includes operating CTT as a separate and distinct entity, developing its product lines and attracting and retaining high quality officers and directors.

"We believe that the $250,000 we recently received, along with the potential for additional capital contributions in the near future, will allow us to continue to develop our business and products. The additional funds will assist in our build out of our tool lines to meet customer demand. Also as our business warrants further development, we anticipate bringing aboard key individuals as officers and directors who will further enhance our business. The capital infusion and our current business strategy are all part of continuing efforts to enhance our business and, ultimately, we believe will add value to our current shareholders," stated Jerry Swinford, President of CTT.

It has additionally come to the attention of CTT's management that materials have previously been distributed about CTT which CTT did not authorize or pay for. CTT cautions investors not to rely on information that is distributed by third parties that is not paid for or authorized by CTT.

About Coil Tubing Technology, Inc. (CTT)

Since its formation in 1998, CTT has specialized 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. CTT was 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 the company's director and president.

For more information, please visit: www.coiltubingtechnology.com.

Forward-Looking Statements 

Certain statements in this release, and other written or oral statements made by the Company, 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. The Company 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 the Company.