Landoll Announces Drexel Acquisition

May 28, 2003 We are very pleased to announce Landoll Corporation recently purchased the assets of Drexel Industries, a well-known, respected forklift manufacturer based in Horsham, PA. Drexel Industries had been providing Very Narrow Aisle Specialty Forklifts to the Material Handling Industry for over 35 years and served a large dealer/customer base. The immediate goals for Landoll’s new Drexel Division include re-activating the Pennsylvania manufacturing facility, expediently filling in-house and current parts orders, and re-establishing relationships with vendors and the previous Drexel Dealer network. It is expected to have all manufacturing operations moved to Landoll Corporation’s Marysville Kansas location within a 4-6 month time period. To accomplish these goals we are proud to announce many positive changes are underway. Re-activating the Manufacturing Facility – Experienced employees have been hired on a temporary basis to staff Landoll’s Drexel Division manufacturing facility in Horsham PA. The operation is in production and has successfully completed the first shipments under its new ownership. Parts Distribution Center for All Landoll Products - The Landoll Corporation, which operates as one entity has grown from its previous four diverse product lines: 1) Transportation (trailers/carriers), 2) Material Handling Products (Bendi/PivotMast), 3) Agricultural Equipment, and 4) OEM/Government Products to six product lines now including 5) Drexel Division and 6) a new expanded Parts Distribution Center (PDC). With the expansion of PDC Kerry Smith has been appointed the new Parts Distribution Manager. Kerry worked previously in the Parts Sales Landoll Dealer May 28, 2003 Page 2 Department and served as District Manager within the Trailer Sales Department. He has been involved with the Drexel transition since its inception. Re-establishing Relationships with Vendors – The Landoll Purchasing Department has been working tirelessly to re-establish relationships and credit with previous Drexel suppliers. Diligent efforts are also being made to expedite critically needed parts and whole good components. Re-establishing Relationships with the prior Drexel Dealer Network – Ed Campbell the current Field Sales Manager for Landoll’s Material Handling Product Division has also assumed the responsibility as Sales Manager for the newly acquired Drexel Division. Ed has been busy working to establish new Landoll relationships with the existing Drexel Dealer Network. We are all very excited about the many opportunities afforded us through this acquisition. In addition to expanding our product offering to the Material Handling Industry we are anxious to incorporate a series of new internal improvements geared at significantly enhancing our overall service to each of our product lines. These improvements include production efficiencies, engineering and purchasing strategies and other available technological advances. It is our hope that you will join the excitement as we embark on these new opportunities. Sincerely Don Landoll Chairman DL:lc