Climax Portable Machine Tools Expands European Facility to Meet Growing Demand for New Construction, On-Site Repair and Maintenance.

NEWBERG, Ore. & DUREN, Germany -- Third paragraph, first sentence should read: ...will create approx. 1050 square meters (sted ...will create approx. 1050,00 square meters).

The corrected release reads:

CLIMAX PORTABLE MACHINE TOOLS EXPANDS EUROPEAN FACILITY TO MEET GROWING DEMAND FOR NEW CONSTRUCTION, ON-SITE REPAIR AND MAINTENANCE

To expand its existing operations in Europe, Climax Portable Machine Tools, Inc., a strategic provider of comprehensive, on-site machining solutions, will break ground on a new European headquarters facility in Duren, Germany on September 8. This new facility reaffirms the company's commitment to offer innovative strategies that solve customers' machine challenges and maximize the productivity of both tools and skilled machinists.

With its close travel proximity to Paris, Berlin and London, the Duren site places Climax in the heart of European industry and close to many of its customers.

The first phase of construction is scheduled for completion in March 2007, and will create approx. 1050 square meters (11277 square feet) of office and manufacturing space. The new facility will feature a machine tools showroom and expanded manufacturing and assembly operations. In addition, improved customer meeting areas and new training facilities will increase customer service offerings including engineering consulting, hands-on learning opportunities and technical support. A future phase of construction will add an additional 450 square meters (4833 square feet) to the headquarters.

"With our new facility, Climax's European customers can access around the clock engineering support to help them solve the intricate challenges of their maintenance and repair programs," said Willi Saric, managing director of Climax Portable Machine Tools, GmbH. "This full-service headquarters allows us to deliver to customers our complete offering of machine tools, training and engineering consulting."

Climax specializes in on-site machine tools that enable customers to meet maintenance requirements where it is difficult or time-consuming to dismantle heavy equipment for service or re-tooling. Climax's valve repair machines, boring machines, flange facers, lathes and mills are used by facility managers and service providers alike for maintenance and repair programs in power generation, heavy construction, mining, civil engineering and shipbuilding.

Beyond its tools, Climax helps customers develop maintenance and repair solutions that improve profitability and market advantage. For example, with the larger facility, Climax will enhance its capabilities to help nuclear plant managers develop procedures to optimize power generation efficiencies and to perform critical repairs necessary for operating license renewal. The new headquarters facility will also allow Climax to intensify support to the European heavy construction and mining industries by providing on-site machining solutions, which will allow them to reduce downtime of in-field equipment.

As part of its full-service offering at the Duren headquarters, Climax will provide a broad range of training programs for its line of portable machine tools. Through precisely tailored equipment training programs, Climax's Portable Machining Training Institute faculty offers both basic training and advanced machine techniques, and teaches machinists how to select and maintain the best Climax tool for the job. The Climax institute helps both new and skilled machinists keep current on critical skills they need to know to support current and future machine programs.

About Climax Portable Machine Tools

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 pioneered 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.