Coil Tubing Technology, Inc. Announces Filing of Amended Registration Statement to Distribute Shares of Its Subsidiary, Coil Tubing Technology Holdings, Inc

Business Wire, Oct 14, 2008

SPRING, Texas -- Late Friday, October 10, 2008, Coil Tubing Technology, Inc.'s ("CTBG") (OTC:CTBG) majority owned subsidiary, Coil Tubing Technology Holdings, Inc. ("CTT Holdings"), filed an Amended Form S-1 Registration Statement with the Securities and Exchange Commission ("SEC") to register the distribution of 20,000,000 shares of common stock of CTT Holdings, to be distributed to the shareholders of CTBG, which shares represented 100% of the shares of CTT Holdings held by CTBG.

Once the Registration Statement is declared effective by the SEC, CTBG will distribute its entire interest in CTT Holdings, 20,000,000 shares of common stock out of the 21,000,000 shares of common stock of CTT Holdings currently outstanding (95.2% of the total outstanding shares of CTT Holdings), to its shareholders. The record date for the distribution has not yet been set.

After the Registration Statement has been declared effective and the distribution is complete, CTT Holdings will be a fully reporting company, separate from CTBG. While no agreement or understanding is in place with any potential market makers, CTT Holdings intends to seek a market maker to quote its common stock on the Over-The-Counter Bulletin Board after the Registration Statement become effective.

The Amended Registration Statement includes the results of operations for CTT Holdings for the years ended December 31, 2006, and December 31, 2007 and the six months ended June 30, 2008.

Sales increased to $900,427 for the year ended December 31, 2007, compared to sales of $235,822 for the year ended December 31, 2006, an increase in sales from the prior period of $664,605 or 282%. The increased sales resulted in gross profit of $358,816 for the year ended December 31, 2007, compared to gross profit of $2,969 for the year ended December 31, 2006, and a reduced loss from continuing operations of $355,841 for the year ended December 31, 2007, compared to a loss from continuing operations of $525,331 for the year ended December 31, 2006.

For the six months ended June 30, 2008, the Company had sales of $723,078, gross profit of $513,174, income from continuing operations of $25,904 and net income of $25,304.

President and CEO Jerry Swinford stated, "We are excited to have the Amended Registration Statement on file with the SEC and to continue moving forward with our plans for the company. We are also excited that we were able to essentially break even for the first half of the year despite significant legal and accounting expenses. The volatility in the oil and especially the gas markets coupled with continuing legal and accounting expenses makes the future difficult to predict. We have incurred and anticipate continuing to incur significant legal expenses. We are, however, continuing to move forward with our core businesses and at the same time evaluating potential strategic plans."

The entire Amended Form S-1 Registration Statement is available from the SEC's public reference room at 100 F. Street, N.E., Washington D.C. 20549, 1-800-SEC-0330, or at www.sec.gov or http://www.sec.gov/Archives/edgar/data/1399247/000143209308000211/coil tubings1a.htm (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

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 last year, 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.