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Thomas Equipment Division Announces Exclusive US$12.5M Korean Distribution Contract

Published on 2005-05-06. Author : SpecialChem

MILWAUKEE, Wis. -- Thomas Equipment Inc. (OTCBB:TEQI - News) announced that its Samsung Division ("SSI") has received an exclusive distribution agreement for Korea with W.L. Gore Corporation ("Gore") for Gores' polytetrafluoroethylene products sealants and Gland Packing Material.

Thomas President and CEO Clifford Rhee said, "SSI has been a market leader in the supply of metal gaskets and sealant products for over 20 years. This agreement with Gore, a leading materials manufacturer, reaffirms SSI's strategic market position and industry leading capabilities."

"We are very gratified to represent Gore exclusively in Korea and Asia at large. With this strategic relationship, we expect significant growth in sealant and gland packing sales to major customers in Asia," said Lim Chul Jin, President of Samsung Industry Co., Ltd. "We anticipate this exclusive distribution agreement will generate annual revenues of US$12.5 Million."

Gore is a leading manufacturer of thousands of advanced technology products for the electronics, industrial, fabrics and medical markets. Gore is a global leading manufacturer of fluoropolymer products. Gore is known worldwide for its Gore-Tex(TM) material. Gore's annual revenue exceeds $1.35 billion and has been named on of the '100 Best Companies to Work for in America.' by Fortune magazine.

About Thomas Equipment Inc. ("TEQI"): Thomas Equipment Inc., and its subsidiaries including Pneutech Inc., Rousseau Controls Inc., Samsung Industry Co. Ltd., and Hydramen Fluid Power Limited: Thomas is an innovative and technologically advanced global manufacturer of a full line of skid steer and mini skid steer loaders as well as attachments, mobile screening plants and six models of mini excavators. Thomas distributes its products through a worldwide network of distributors and wholesalers. In addition, Thomas' wholly owned subsidiaries manufacture specialty industrial and construction products, a complete line of potato harvesting and handling equipment, fluid power components, pneumatic and hydraulic systems, spiral wound metal gaskets, and packing material.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TEQI could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.

Source: Thomas Equipment Inc.

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