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Grifco International Announces Record Date for Spin-Off of Coil Tubing Technology

Grifco International, Inc. ("Grifco") (OTC: GFCI) today announced May 1, 2006, as the record date for the previously announced spin-off wholly owned subsidiary Coil Tubing Technology, Inc. ("CTT"). Grifco shareholders will receive 1.89 shares of CTT for every one share held in Grifco as of the record date, up to 75 million shares. Upon completion of the spin-off dividend, CTT will have approximately 85 million shares issued and outstanding.

The distribution will occur when CTT receives acceptance of its SEC Form 10-SB, which is expected to be filed in April 2006. In order to participate in the CTT spin-off, a shareholder of Grifco must own their shares at the close of trading on May 1, 2006.

About Grifco International, Inc.

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 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.

For more information, please visit: www.grifco.org.

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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