SPRING, Texas--(BUSINESS WIRE)--Coil Tubing Technology, Inc. (“CTBG” or the “Company”)(OTC:CTBG.PK) today provided an update regarding the Company’s recent Registration Statement filing and the appointment of new Directors.
On January 23, 2012, the Company filed a Form 10 Registration Statement with the Securities and Exchange Commission (the “Registration Statement”). The Registration Statement is subject to Securities and Exchange Commission review; provided that in the event the Company does not withdraw the Registration Statement, it will automatically go effective sixty days from the date of the filing of such Registration Statement, March 21, 2012. Upon effectiveness, the Company’s common stock, $0.001 par value per share, will be registered under Section 12 of the Securities Exchange Act of 1934, as amended, and the Company will therefore be required to make periodic report and other filings with the Securities and Exchange Commission.
Following the effectiveness of the Registration Statement and at such time as the Company deems it prudent, the Company plans to engage a market maker in an effort to quote the Company’s common stock on the Over-The-Counter Bulletin Board.
Effective February 1, 2012, the Company increased the number of members of its Board of Directors from two to five and appointed John M. Callis, Richard J. Connaughton and Herbert C. Pohlmann (the Company’s majority shareholder) as Directors of the Company to join Jerry Swinford (the Chairman of the Board of Directors and the Executive Vice President of the Company) and Jason Swinford, Jerry Swinford’s son (a Director and the Chief Executive Officer of the Company). Biographical information relating to Mr. Callis, Mr. Connaughton and Mr. Pohlmann is provided below:
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John M. Callis, Age 44 |
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From December 2005 to present, Mr. Callis has served as Manager of B.P. Financial, Inc., an investment management firm located in Naples, Florida. From January 1993 through December 2005, Mr. Callis was manager of sales, training and sales management for DonTech (R.H. Donnelly and SBC). Mr. Callis obtained a Bachelors of Business Administration degree from the University of Iowa in 1990. |
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Richard J. Connaughton, Age 61 |
| Mr. Connaughton is a private investor and previously served as President of Connaughton Development Corporation, a high technology investment and development firm that he founded, until 2006. From 1988 to 1998, Mr. Connaughton was an investor in and Director of Boston Technology, a company traded on the NYSE, which was sold to Converse Inc. in 1998. Prior to 1987, Mr. Connaughton spent 16 years at Wang Laboratories, where he served most recently as the Vice President of Telecom Products from 1985 to 1987. Mr. Connaughton also co-founded and served as Chairman of the Board of Directors of Northeast Tele-Systems, co-founded and served as Chairman of the Board of Directors of Iperia, and has previously served as a member of the Board of Directors of MagicJack VocalTec Ltd. (NasdaqGM:Call). Mr. Connaughton received a Bachelors of Science degree in Math from Springfield College and attended the MBA program at the University of Chicago. Mr. Connaughton is also a former Director of the Massachusetts Telecommunications Council. |
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Herbert C. Pohlmann, Age 68 |
| Mr. Pohlmann, the Company’s majority shareholder, has served as President of B.P. Financial, Inc., an investment management firm located in Naples, Florida since 1981. Mr. Pohlmann has taken various seminars offered by the Harvard Business School and Stanford University relating to business management. Mr. Pohlmann obtained his Bachelors degree in Business and Economics from North Central College in 1966. Mr. Callis is Mr. Pohlmann’s son-in-law. |
Jason Swinford, the Company’s Chief Executive Officer, stated, “The significant experience that Mr. Callis, Mr. Connaughton and Mr. Pohlmann have with public companies will be essential to the Company once it becomes a fully reporting company with the Securities and Exchange Commission.” Mr. Swinford continued, “We are confident that the appointment of the new Directors and their individual abilities and strengths will, together with our existing Directors, contribute to the planned expansion of the Company’s operations and the continued growth of our revenues.”
About Coil Tubing Technology, Inc. (CTBG)
CTBG is the result of a reverse merger with IPMC Holdings Corp. which occurred in November 2005. CTBG has historically conducted essentially all of its operations through Holdings (described below) and its subsidiaries. CTBG’s website, where additional information about the Company can be found is www.coiltubingtechnology.com.
About Coil Tubing Technology Holdings, Inc. (Holdings)
Holdings was formed as a holding company of several operating companies in 1999 and continues to have two wholly-owned subsidiaries. Through its primary subsidiary, Holdings specializes in the design of proprietary tools for the coil tubing industry, concentrating on three categories of coil tubing application: thru tubing fishing, thru tubing work over, and coil tubing drilling. Holdings and its subsidiaries were founded by Jerry Swinford, an oilfield tool designer with more than 25 years of experience in the creation of oilfield tools. Mr. Swinford continues to serve as CTBG and CTT Holdings’ Director, as well as the Executive Vice President of CTBG.
Forward-Looking Statements
This press release may contain 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. 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 encouraged to read and review the risk factors included in the Company’s filings with the Securities and Exchange Commission before making an investment in the Company. 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.