On February 28, 2013, the Board of Directors of Coil Tubing Technology, Inc. terminated the services of Agility Financial Partners (“Agility”) and John N. Bingham. Mr. Bingham served as the Acting Chief Financial Officer of the Company from January 7, 2013 through February 28, 2013. Effective March 4, 2013, the Board of Directors appointed Richard R. Royall as Chief Financial Officer of the Company.

Mr. Royall is a partner at Royall & Fleschler, which has previously provided tax advice to the Company. The decision to terminate the services of Agility and Mr. Bingham and to appoint Mr. Royall was partly made because of Royall & Fleschler's significant knowledge of the Company's historical tax and accounting adjustments. Richard R. Royall, Age 66, has served as a Director of and as Chief Financial Officer of ERF Wireless, Inc. since March 2008.

Mr. Royall is a certified public accountant and since 1972, has been engaged in the private practice of accounting with a concentration of expertise in accounting, mergers, acquisitions and SEC registrations and filings including implementation of SOX 404 compliance. Mr. Royall has been a partner in Royall & Fleschler since 1987, a private accounting firm focused on taxation and professional services to emerging companies.