Coil Tubing Technology Completes Manufacturing Facility Renovation

SPRING, TX -- (MARKET WIRE) -- May 23, 2006 -- Coil Tubing Technology, Inc. ("CTT") (OTC: CTBG) announced today the completion of the Spring, TX manufacturing facility refit, with operating CNC machine tools programmed and fully functional on May 8, 2006.

The completion of the facility will enable CTT to expedite the growth of its rental tool fleet, bringing 90% of tool manufacturing in-house and also providing for just-in-time manufacturing of generic toolsets. At full capacity, the facility is capable of manufacturing and delivering 50 new toolsets per month.

To take advantage of the increased capacity provided by the new facility, CTT has hired a new manufacturing operations manager to expedite manufacturing and develop a plan to achieve ISO 9001 quality management system certification. CTT expects to complete the certification process by the end of 2006.

About Coil Tubing Technology, Inc. (CTT)

Coil Tubing Technology, Inc. (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing application: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than 15 patents granted or pending and more than 25 years experience in the creation of oilfield tools.

For more information, please visit: www.coiltubingtechnology.com.

Forward-Looking Statements

Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current estimates and projections about Coil Tubing Technology, Inc.'s business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's ability to execute effectively its business plan and acquisition strategy, changes in market activity, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. These and other risks are described in the Company's filings with the Securities and Exchange Commission, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update information concerning its expectations.

Contact:
Chicago Investor Relations LLC
312.238.9875





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