Hammelmann Statement of Understanding Coil Tubing Cleaner


    Exhibit
      10.2

     

    

      STATEMENT
        OF UNDERSTANDING

      (COIL
        TUBING CLEANER)

      


      Coil
        Tubing Technology, Inc. (CTT) is a manufacturer and provider of coiled tubing
        tools and equipment to the oilfield well service industry and oil
        companies.

      


      Hammelmann
        Corporation (Hammelmann) is a leader in the industry of industrial nozzles
        and
        high-pressure pump systems.

      


      Hammelmann
        manufactures a “Coil Tubing Cleaner” for surface cleaning of coil tubing.


      


      CTT
        is
        the developer of a method that is provided in conjunction with the Hammelmann
        Cleaner that filters and containerizes waste.

      


      Hammelmann
        Corporation agrees to provide CTT the Coil Tubing Cleaner and CTT agrees
        to
        market, field test and report performance to Hammelmann. The financial agreement
        for revenues is that, of 50/50 split between CTT and Hammelmann. 

      


      CTT
        will
        pay Hammelmann all customary repair charges of the cleaner provided to CTT
        within five (5) days of return of the cleaner to Hammelmann. (This allows
        CTT to
        invoice the customary charges to the customers).

      


      This
        agreement will remain in effect until agreement is terminated with sixty
        (60)
        day written notice from either party. 

      


      CTT
        will
        provide a monthly royalty report (Exhibit “A” attached) by the 15th
        of every
        month following closing of billing of prior month to Hammelmann Corporation,
        Dayton, Ohio.

      


      


      


      


      


      


      


      


      


      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      


      
        This
          agreement is in effect 01/01/07 and will continue until termination is
          notified
          in written communication:



      


      


      
        	 	
                 

              
	
                IF
                  TO:

              	
                Hammelman
                  Corporation

              
	 	
                600
                  Progress Road

              
	 	
                Dayton,
                  Ohio 45449

              
	 	 
	 

                 

              	
                 

              
	
                IF
                  TO:

              	
                Coil
                  Tubing Technology, Inc.

              
	 	
                19511
                  Wied Rd., Ste. E

              
	 	
                Spring,
                  Texas 77388

              


      

      


      


      


      


      
        	
                Hammelmann
                  Corporation

              	
                Coil
                  Tubing Technology, Inc.

              
	
                Mike
                  Goecke

              	
                Jerry
                  Swinford

              
	/s/
                Mike
                Goecke