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IPMC Holdings Corporation Announces Name and Symbol Change

IPMC Holdings Corp. (OTC: IPHG) announced its name change to Coil Tubing Technology, Inc. would be effective December 22, 2005, and that its new trading symbol would be (OTC: CTBG).

"Shortly, we hope to complete and file a Form 10-SB, commencing our status as a fully reporting company with the Securities and Exchange Commission and proceed with the plans of Grifco International, Inc. (OTC: GFCI), our parent company, to spin-off Coil Tubing as a separate, independent company," stated Jerry Swinford, President of Coil Tubing Technology. "We are excited at the milestone before us and proud of our achievements to date.

"This change completes Coil Tubing's acquisition of IPMC and is phase one of our entry into the public marketplace," added Swinford. "Our shareholders will be able to identify our company by name."

Coil Tubing Technology, Inc. (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.

Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the United States, China, Mexico, South America, the Middle East and Africa. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco holds and owns design rights and manufacturing facilities for producing more than 6,000 products for the oil and gas industry with more than 150 clients, boasting the biggest names in the business, including Halliburton, Exxon and Schlumberger. Please visit

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" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements 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. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.

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