Coil Tubing Technology, Inc. Announces Update Regarding the Company

Business Wire, June 24, 2008

SPRING, Texas -- Coil Tubing Technology, Inc. ("CTBG") (OTC:CTBG) announced today that it has engaged an auditing firm to address and resolve comments received by the Securities and Exchange Commission (the "SEC") related to IPMC Holdings Corp., the predecessor of CTBG. The comments have been received from the SEC in connection with a registration statement filed by Coil Tubing Technology Holdings, Inc. ("CTT Holdings"), CTBG's majority owned subsidiary, to register the distribution of shares of common stock of CTT Holdings to shareholders of CTBG.

Further, in early May 2008, CTBG was contacted by the Depository Trust & Clearing Corporation ("DTC") about potential issues associated with Grifco International, Inc.'s (GFCI.PK) distribution of its 75,000,000 shares of CTBG in August 2007. CTBG is working with the DTC and attempting to gather additional information in an effort to facilitate resolution of these matters. CTBG is also evaluating what additional steps may be appropriate or necessary.

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 approximately a year ago, CTBG owned all of the outstanding shares of CTT Holdings and currently owns 95.2% of CTT Holdings' outstanding shares of common stock. CTBG has historically conducted essentially all of its operations through CTT Holdings and its subsidiaries.

About Coil Tubing Technology Holdings, Inc. (CTT Holdings)

CTT Holdings was formed as a holding company of several operating companies in 1999 and continues to have two wholly owned subsidiaries. Through its primary subsidiary, CTT Holdings 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. CTT Holdings 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 CTT Holdings' director, CEO and president.

Forward-Looking Statements

Certain statements in this release, and other written or oral statements made by CTBG, 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 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.