Coil Tubing Provides an Update and Clarification Regarding the Planned Distribution of Shares by Grifco International, Inc.

SPRING, Texas -- Coil Tubing Technology, Inc. ("CTBG") (OTC:CTBG), a majority-owned subsidiary of Grifco International, Inc. ("Grifco") (OTC:GFCI), today provided an update regarding the previously planned spin-off of CTBG and the subsequent distribution of shares of CTBG as a dividend to the shareholders of Grifco.

On August 18, 2006, CTBG announced in a press release that Grifco and CTBG have encountered a number of delays in obtaining the historical financial accounting information of IPMC Holdings Corp., the predecessor of CTBG. This information is necessary to complete an audit of CTBG's financial statements which are required to file a registration statement with the SEC, to register certain shares of CTBG common stock which were acquired by Grifco in late 2005, and which Grifco plans to distribute as a special share dividend distribution. To date, CTBG has not received this necessary financial data and it appears unlikely that it will receive this information in the future.

Grifco announced in a press release on August 30, 2006, that the proposed merger of Grifco and Tree Top Industries would not affect the proposed dividend payoff of the CTBG shares. However, CTBG would like to clarify that because it has not been able to obtain satisfactory financial data regarding the prior operations of IPMC Holdings Corp., no definitive date can be set for the proposed distribution of the CTBG shares to Grifco shareholders, and it is not likely that those shares will be distributed under the terms previously contemplated. The unauditable financial data regarding the prior operations of IPMC (now CTBG) relates to the time frame prior to Grifco acquiring its interest in IPMC and current management's involvement.

CTBG is working closely with its legal, accounting and other professionals in evaluating other possible solutions and alternatives for its shareholders.

About Coil Tubing Technology, Inc.

Coil Tubing Technology, Inc. (CTBG) predecessor and/or subsidiary companies were formed in 1998. Since then it 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. CTBG's predecessor and/or subsidiary companies were founded by Jerry Swinford, an oilfield tool designer with more than 25 years experience in the creation of oilfield tools.

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.