Columbus McKinnon Shareholders Committee Comments On Outcome Of Contested Annual Meeting.

NEW YORK--(BUSINESS WIRE)--Aug. 16, 1999--

The Columbus McKinnon Shareholders Committee today released the following comments about today's contested annual meeting of Columbus McKinnon Corporation (NASDAQ: CMCO).

Committee member Jeffrey E. Schwarz said, "Though it appears that management's directors have prevailed in this contest, we feel much has been accomplished through our proxy challenge that will benefit shareholders.

"First of all, we are gratified to have received the support of many of the outside shareholders regarding the election of our slate of nominees. It is clear that many shareholders are dissatisfied with management's strategy - even some of those who did not support the Committee. Many shareholders who are currently supporting management will nevertheless be closely monitoring the effects of management's strategy, and it's future willingness to take the steps necessary to enhance share value.

"We are pleased as well, that during this contest, management has agreed that it will consider any offers, proposals or other expressions of interest in the Company, a point on which it has never been clear in the past, and has Goldman Sachs available to evaluate them.

"The Committee appreciates the willingness of shareholders to consider our slate and platform for change at Columbus McKinnon. At this time the majority has chosen in favor of management's candidates and strategy. It is now up to management to produce results for shareholders. Many shareholders will be watching closely."