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EXHIBIT 99
For Immediate Release Contact: William Schwartz, President
(203) 227-6140
TBM HOLDINGS COMPLETES THE ACQUISITION OF
BLUE GIANT
Westport, Connecticut (November 10, 2000) - TBM Holdings (OTC Bulletin
Board:TBMH) today announced that it has completed the acquisition of the
assets of Blue Giant, Limited, a Canadian corporation, from Clark Material
Handling Company, Inc. for $9.5 million. In addition, TBMH acquired certain
intangible assets of Blue Giant Corporation, Clark's subsidiary in Pell City,
Alabama for 1.5 million. The assets were acquired by a newly formed
corporation, Blue Giant Equipment Corporation, which is a wholly owned
subsidiary of TBM Holdings.
Blue Giant Equipment Corporation is a manufacturer of material handling
equipment, lift tables and dock equipment. The company produces and
distributes powered pallet stackers, pallet trucks, scissor lifts and
lightweight lift trucks through authorized Blue Giant dealers. Dock equipment
is sold through a network of authorized dealers and includes dock levelers,
truck restraints, dock lifts and other related dock equipment. The company
reported revenues of U.S. $27 million for the fiscal year ended December 31,
1999. Blue Giant operates a single ISO-9001 certified manufacturing location
in Brampton, Ontario.
After the closing Clark renamed its Pell City, Alabama plant Clark-Alabama.
This plant will continue to manufacture some Blue Giant stackers and pallet
trucks under a supply agreement with Blue Giant Equipment Corporation.
William Schwartz, President and CEO of TBMH noted, "The acquisition of Blue
Giant Limited as an add-on acquisition reflects our growth strategy in the
material handling equipment industry. TBM Holdings has been considering
several opportunities to acquire niche manufacturers within our industry and
Blue Giant emerged as the company with the most significant growth potential
for the future. It will allow us to create additional operating synergy with
our Long Reach and Presto Lifts subsidiaries."
Blue Giant represents the third acquisition this year for TBM Holdings in the
material handling equipment industry. The Company acquired Long Reach,
manufacturer of forklift attachments and material handling equipment, in
February, 2000. In May the Company acquired Presto Lifts, manufacturer of
scissor lifts and stackers, from United Dominion Industries.
TBMH is a holding company which seeks to acquire manufacturing companies in
the material handling equipment industry and use the Kaizen Growth Strategy to
seek to improve operating performance and profitability. TBMH believes that
its expertise, available capital and access to financing sources will enable
it to pursue this and additional acquisitions in the future.
This press release contains forward looking statements, as defined under the
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those anticipated as a result of various risks and
uncertainties, including risks and uncertainties detailed from time to time in
the Company's periodic reports on Forms 10-KSB, 10-QSB and 8-K filed with the
Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward looking statements which speak only as of the date
hereof. TBMH undertakes no obligation to publish revised forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
