Coil Tubing Technology Announces Entry Into Lock-Up Agreement With Its Majority Shareholder
SPRING, Texas--(BUSINESS WIRE)-- Coil Tubing Technology, Inc. (OTC: CTBG.PK) (the "Company" or "CTT"), a leading manufacturer in providing new technology to the coiled tubing industry, specializing in the design of proprietary downhole tools used in conjunction with coiled tubing for the oil and gas services industry, today announced that Herbert C. Pohlmann, its former Director and an 83% shareholder of the Company, has entered into a Lock-Up Agreement with the Company. The Lock-Up Agreement prohibits Mr. Pohlmann from selling any of the Company's securities which he owns (but does not restrict his ability to exercise options and warrants which he holds) for a period of two years. The Lock-Up Agreement is terminated in the event of Mr. Pohlmann's death, or there is a transaction resulting in the sale of a minimum of 20% of the Company's issued and outstanding shares.
Mr. Pohlmann stated that he agreed to enter into the Lock-Up Agreement because he has confidence in the Company's long-term growth potential and future results of operations and had no intentions of selling any shares of the Company's common stock for the next two years.
"We are thrilled that Mr. Pohlmann, by far our largest shareholder and historically the largest private investor in the Company, has such confidence in our ability to grow and expand our operations that he sees no need for liquidity in our stock for the next two years," stated Jerry Swinford, the Chairman of the Company, who continued "we look forward to continuing our business plan and working to expand our operations and revenue throughout fiscal 2013 and 2014."
About Coil Tubing Technology, Inc.
Coil Tubing Technology, Inc. (CTT) began operation in February 1999. CTT supplies a full line of proprietary tools, manufactured in accordance with and to oil industry specifications. The core business of the Company is the development and marketing of specialty tools and related innovative technical solutions used with coiled tubing in the bottomhole assembly for the exploration and production of hydrocarbons. The tools are provided to oil companies, coiled tubing operators and well service companies for use in thru tubing fishing, thru tubing well stimulation workover, and CT lateral drillout operations.
For more information visit the Coil Tubing Technology, Inc. website at www.coiltubingtechnology.com.
This press release contains forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements.Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements.Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct.Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company.Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected.The forward-looking statements in this press release are made as of the date hereof.The Company takes no obligation to update or correct (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company.
Coil Tubing Technology, Inc.
Jason Swinford, CEO, 281-651-0200
KEYWORDS: United States North America Canada Texas
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