Cohesant Technologies Reports Record Sales and Net Income for the Fourth Quarter and Year Ended November 30, 2001.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--Dec. 18, 2001

Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and net income for the fourth quarter and fiscal year ended November 30, 2001.

For the fourth quarter, net sales increased 4% to $4,095,201 from $3,941,284 recorded in the comparable period last year. Net income for the current quarter was $294,976, an increase of 23% over the $240,014 reported in the previous year. Fully diluted per share earnings were $.12 per common share in the current period compared to $.10 in the prior year quarter.

For the fiscal year ended November 30, 2001, net sales increased 4% to $16,391,583 from $15,820,077 for 2000. Net income increased to $1,066,978, or $.44 per diluted share, compared to $926,604, or $.39 per diluted share in fiscal 2000.

"Our growth in the current year was due to the outstanding performance at our Raven Lining Systems subsidiary, which had sales increases in the fourth quarter and year of 65% and 61%, respectively. Raven's sales growth was attributable to an increased awareness and greater acceptance of its environmentally friendly epoxies and grouts by the water related infrastructure rehabilitation industry," said Dwight D. Goodman, Cohesant's President and Chief Executive Officer. "Sales at Glas-Craft, the company's other subsidiary, which manufactures specialized spraying and coating application equipment for plural component materials declined 14% in the quarter and 11% for the year. These decreases were primarily a result of lower export sales," Mr. Goodman concluded.

The Board of Directors of Cohesant today announced that Dwight D. Goodman will step down from his position of President and Chief Executive Officer on January 1, 2002. Mr. Goodman will become Chairman of the Company. Mr. Goodman, 68, who has served Cohesant and it's Glas-Craft subsidiary as an executive since its inception, succeeds Morton A. Cohen in the position of Chairman. Mr. Cohen will remain a member of the Board of Directors.

The Board also announced the appointment of Morris H. Wheeler to succeed Mr. Goodman as Chief Executive Officer. Mr. Wheeler is the founder of Drummond Road LLC, an investment management company involved in the management of the venture capital portfolio of Clarion Capital Corporation, Cohesant's largest shareholder. Mr. Wheeler, 41, has been a director of Cohesant since 1996. Prior to founding Drummond Road, Mr. Wheeler founded and was Chief Executive Officer of sputnik7.com, an Internet media company. He also was the President of Clarion Capital prior to founding sputnik7. Mr. Wheeler holds a degree in economics from the University of Massachusetts at Amherst and a J.D. from the Yale Law School.

"Mr. Wheeler is an executive with broad entrepreneurial experience. In addition, to founding and running two successful companies, Mr. Wheeler has helped many Clarion Capital Corporation portfolio companies to achieve enhanced shareholder value by combining internal growth and a well thought out acquisition strategy." said Chairman Goodman. "We look forward to his contributions."

"Dwight has done an amazing job of building a foundation for long-term growth. He has assembled a first rate young management team both at the corporate level and at the operating divisions, and his financial record speaks for itself," said Mr. Wheeler, "I look forward to working closely with him as Chairman of the Company."

Cohesant Technologies Inc., based in Indianapolis, Indiana, designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating products through its two subsidiaries: Glas-Craft, Inc., and Raven Lining Systems, Inc. Glas-Craft, Inc., manufactures spray finishing and coating equipment for applying plural component materials such as polyesters, polyurethanes, and epoxies. Raven Lining Systems, Inc., manufactures and sells AquataPoxy and the Raven line of high-performance coating systems that are resistant to water and corrosive breakdown by most acids and solvents and can be used in drinking water systems.

(Table follows)

                      COHESANT TECHNOLOGIES INC.
                  Summary Financial Data (Unaudited)

                                        Three Months  Three Months
                                            Ended        Ended
                                         November 30,  November 30,
                                             2001         2000
------------------------------------------------------------------
Net sales                                 $4,095,201   $3,941,284

Income before income taxes                   468,057      354,578

Net income                                $  294,976   $  240,014

Basic and diluted net income per
   share                                  $     0.12   $     0.10

Average number of common
 shares outstanding:
   Basic                                   2,458,554    2,348,608
   Diluted                                 2,492,266    2,401,015


                                       Twelve Months   Twelve Months
                                            Ended           Ended
                                         November 30,    November 30,
                                             2001            2000
--------------------------------------------------------------------

Net sales                                $16,391,583     $15,820,077

Income before income taxes                 1,666,280       1,386,173

Net income                               $ 1,066,978     $   926,604

Basic net income per share               $      0.44     $      0.40

Diluted net income per share             $      0.44     $      0.39

Average number of common
   shares outstanding
   Basic                                   2,404,368       2,342,125
   Diluted                                 2,442,339       2,402,264

Certain statements contained in this report that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statement. These risks and uncertainties include, but are not limited to, a continued slow-down in domestic and foreign markets for plural component dispensing systems and a reduction in growth of markets for the Company's epoxy coating systems.