AFGlobal Corporation Announces New Additions to Board of Directors; Hires Advisors to Explore Strategic Alternatives

HOUSTON, TX--(Marketwired - December 23, 2016) - AFGlobal Corporation (the "Company" or "AFGlobal") announced today that Jonathan F. Foster and Alan J. Carr have been appointed as directors to the board of directors (the "Board") of AFGlobal Corporation's parent company, FR AFG Holdings, Inc.

The Company also announced that Lazard Frères & Co. LLC, as financial advisor, and Kirkland & Ellis LLP, as legal advisor, have been hired to advise management and the Board regarding potential strategic opportunities to enhance liquidity and address the Company's current capital structure.

AFGlobal is an oil and gas OEM specializing in technology, products, and services with fully-integrated manufacturing capabilities to clients around the world. We align well-established precision engineering with industry-leading innovation. AFGlobal also provides equipment and capabilities to the general industrial, aerospace and power generation industries, offering a broad range of both highly-engineered and general forged products, as well as complementary aftermarket services. Headquartered in Houston, Texas, the Company delivers value through more than 20 facilities worldwide.

www.afglobalcorp.com