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Article: Grifco International, Inc. Announces Distribution Date for Spin-off of Coil Tubing Technology, Inc.
- Article from:
- Business Wire
- Article date:
- August 1, 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 that the spin-off of its subsidiary Coil Tubing Technology, Inc. ("CTT") (Pink Sheets:CTBG) will occur on Tuesday, August 7, 2007. The distribution of 75,000,000 shares of CTBG common stock will be made on August 7, 2007 to the Company's stockholders of record as of the close of business on May 1, 2006. Grifco will distribute 1.89 shares of Coil Tubing common stock for every share of Grifco common stock outstanding on the record date of May 1, 2006. Stockholders will receive the next whole share in lieu of fractional shares for amounts less than one full Coil Tubing share.
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