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Article: Grifco International, Inc. Announces Procedure for Spin-off of Coil Tubing Technology, Inc.
- Article from:
- Business Wire
- Article date:
- April 24, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Grifco International, Inc. (the "Company") (Pink Sheets:GFCI) announced today the procedure for the spin-off of its subsidiary Coil Tubing Technology, Inc. ("CTT") (Pink Sheets:CTBG).
In the upcoming weeks, the Company will be distributing the 75,000,000 shares of CTT it holds as a special dividend to its shareholders of record as of May 1, 2006. Shareholders of GFCI who owned their shares as of close of trading on May 1, 2006 will receive 1.89 shares of CTBG for every 1 share owned of GFCI. While the Company had previously announced that CTT would regain reporting compliance with the Securities and Exchange Commission (the "Commission") prior to the ...
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