This is about ParkTool bottom bracket threading and facing tool. I recently ordered one on Amazon. And this is what mine looks like



Note: two circular grooves at the business end of each handle (and two spring rings, both installed on one side for some reason).

Meanwhile, the pictures of the tool available on the net are a bit different: three circular grooves in each handle



and four spring rings (two on each side).

This is probably some kind of relatively recent production change. (And most likely spring rings should be installed differently: one on each side.) BTW, the tool worked perfectly fine for me. But I'm still curious: do any of you have more recent versions of BTS-1? How many grooves do you have in your handles?

I'm no expert on these but I have seen the two groove versions selling on multiple on-line sites. Just saw a used one on Ebay with the 3 grooves so possibly as you mentioned the one you received is just an updated version but I would contact Park directly as they would be the best place to answer your question.

I have already contacted ParkTool with this very question.

In their answer they did not provide any comment on the number of grooves or production changes. They only stated that there should be four spring rings, not two. They asked me for my address to send me two extra spring rings.

Frankly, their answer makes zero sense to me. The most outer grooves of the tool do not really need spring rings. They are intended for the retaining rings (included with the tool in a separate bag), if the user wants to permanently install the taps onto the handles. Only the inner grooves (the ones that end up under the taps) need spring rings. So, the three-grooves-per-handle version of the tool needs four spring rings total, and the two-grooves-per-handle version needs two spring rings total. I.e. my tool is OK with two rings, it is just that someone at the assembly line managed to install the rings incorrectly.

Basically, it appears that whoever answered my question at ParkTool just didn't bother to fully understand the issue.

I have had this one for about 21 years. Maybe the difference is between a basic tap set and a combination tap and facing tool.
Mine is the latter.

Park bills the BTS-1 as a tapping and facing tool - it includes the facing cutter

Yes, mine also includes both the taps and the facing cutters. As BTS-1 should.

Ok, well I would guess the two groove model would be the updated version given that mine being over 20 years old has three.
It's possible yours slipped through the cracks missing two spring clips, but hey, things like that happen, and Park is really good about making it right.
I recently upgraded to a newer model truing stand that was supposed to include thru axle adapters. I bought it through an authorized wholesale distributor and it came in an undisturbed box with all staples in place, but the adapters were missing.
I contacted Park directly rather than going through the distributor as the box had obviously not been opened after leaving the factory, and they promptly sent the missing parts.
Not the first time they made something right for me.

Here's one on Walmart's site (sold by 365 cycles). It appears to have 2 grooves on each side and 4 springs.
https://www.walmart.com/ip/Park-Tool...4aAj2REALw_wcB