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Art’s Way to purchase Steel Tank Company

Art’s Way Manufacturing Co.,
Inc., a leading manufacturer and distributor of farm machinery in the United
States and internationally, announces it has signed a formal Letter of Intent
(LOI) to acquire Imperial Steel Tank Company.

Based in Frankfort,
Illinois, near Chicago, Imperial Steel Tank Company is a leader in the
fabrication of American Society of Mechanical Engineers (ASME) pressure
vessels. They make a variety of pressure vessels, storage tanks, heat
exchangers, hazardous chemical tanks, half pipe jackets, manways including both
bolted-style and quick-open, and provide custom designed vessels. Imperial’s
ASME pressure vessel designs have successfully solved complex process
containment problems in the chemical and petrochemical industries, the food
processing industry, pharmaceutical industry, and water and waste treatment
sector.

J. Ward McConnell Jr.,
Executive Chairman of the Board of Directors said, "With Art’s Way Vessels
becoming more production efficient, improving cost controls, growing revenue
and margins these past quarters under the co-leadership of Larry Cornell,
Production Manager and Pat O’Neil, Sales Manager, we are very excited about
this excellent opportunity to acquire a highly respected and successful vessels
business to complement Art’s Way Vessels.“

“Imperial Steel Tank Company
is an established manufacturer with an outstanding customer service reputation
who has been in business since 1952 and has built a solid revenue base of
approximately $2.5 million per year,” he continues. “We will move all
production to Art’s Way Vessels in Dubuque, Iowa, but will continue an office
in Illinois for engineering, estimating and other services. We are in the
process of doing final due diligence and expect to close in early July 2011. We
anticipate this new business will be fully accretive and will help us grow our
vessels business on a greater scale and further develop the Art’s Way brand
both nationally and internationally.”

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