Coil Tubing Technology Inc. its majority owned subsidiary, Coil Tubing Technology Holdings Inc. and its President & Chief Executive Officer, Jerry Swinford, have filed suit against Grifco International Inc., Depository Trust & Clearing Corporation and the former president of Grifco, James Dial in the Montgomery County District Court. In connection with the suit, on July 30, 2008, the Court issued a temporary restraining order to restrain the DTC from adjusting shareholder accounts and restraining all Defendants from the destruction of documents. The Court also set a temporary injunction hearing for August 22, 2008. By agreement of the parties in the lawsuit, the temporary restraining order has been extended and the temporary injunction hearing date has been reset to September 12, 2008.

Coil Tubing Technology Inc. (CTBG), its majority owned subsidiary, Coil Tubing Technology Holdings Inc. (CTTH) and its President & Chief Executive Officer, Jerry Swinford, have filed suit against Grifco International Inc. (Grifco), The Depository Trust & Clearing Corporation (DTC) and the former president of Grifco, James Dial.

Grifco International Inc. announced that effective immediately Eric Leonetti is the company's new President and Chief Executive Officer following the resignation of James Dial. Mr. Leonetti will also serve on the Board of Directors. Mr. Eric Leonetti is currently President of North Coast Resource Development, a consultant to Oil, Natural Gas and Mining exploration companies.