Climax Portable Machine Tools, Inc. Introduces Comprehensive, On-Site Machining Solutions to Shipbuilding, Power Generation, and Service & Engineering Markets.

Business Editors

NEWBERG, Ore.--(BUSINESS WIRE)--July 24, 2003

Service Offerings Include Engineering Consulting, Machinist Training,

as Well as Innovative Portable Machine Tools

In response to customer desire for improved efficiencies, profitability, as well as new approaches to project development and maintenance programs, Climax Portable Machine Tools, Inc. announced today expanded services for the worldwide shipbuilding, power generation, and service and engineering markets. Under this new business initiative, the company will provide comprehensive services that include specialized training in machining techniques and engineering consulting services, in addition to its widely-utilized, comprehensive line of portable machine tools.

Worldwide, organizations are seeking to reduce costs, maximize efficiencies, and increase profits. Likewise, these heavy industries are looking to Climax's consulting engineers for innovative new approaches to project development and maintenance management programs. The company will also train machinists to help organizations meet the need for more skilled workers. At the same time, Climax will continue to provide machining tools in these core industries, where it is impossible or impractical to move or dismantle heavy equipment in order to service or re-tool it. Climax will continue to partner with service companies performing similar functions to help them provide more comprehensive solutions.

"Today's economic climate and need for more efficient processes within our clients' organizations have led us to develop this initiative," said Climax CEO Geoff Gilmore, Ph.D., P.E. "Our vision is to help advance these industries by creating powerful and precise portable machine tools and offering skills training and engineering consulting services that our customers need to be competitive. With these new service offerings we are realizing that vision and building stronger, more seamless relationships with our clients that will enable them to attain operational efficiencies and boost their profits."

The management team led by Gilmore, has a proven track record in saving industrial companies money.

Climax Portable Machine Tools has a 37 year history of selling and renting machine tools throughout the world, including portable lathe, milling, boring and flange facing machines. The company has gained significant experience in solving the machining challenges of ship building and repair, civil engineering infrastructure maintenance and service, and nuclear power plant maintenance and service sectors, as well as other industrial sectors.

The company works directly with nuclear power plants, ship builders, or bridge building and engineering organizations such as Exelon, Northrup Grumman/Ingalls, and Bechtel. It also provides its comprehensive solutions to organizations that offer service contracts within its target industries, such as Siemens Westinghouse or GE Global. In each case, the Climax solutions have enabled companies to complete jobs ahead of schedule and within budget.

About Climax Portable Machine Tools, Inc.

Based in Oregon, Climax Portable Machine Tools, Inc. is a strategic world-class provider of comprehensive, on-site machining solutions. The company offers specialized engineering consulting services, customized training programs and a full line of portable machine tools enabling customers to efficiently perform on-site machining for applications in the shipbuilding, power generation, and service and engineering sectors. Climax Portable Machine Tools created the portable machine tools concept. As the world's largest supplier of portable machine tools, it offers standard and custom-built solutions and serves the domestic and international markets through its own international offices and licensed representatives in 23 countries. More information about the company is available at www.cpmt.com.