SOURCE: Patriot Mechanical Handling

September 20, 2005 08:30 ET

Patriot Mechanical Handling Acquires United Kingdom and Southeast Asia Subsidiaries of MOS International plc

Acquisitions From a Leading Global Provider of Services and Solutions to the Oil and Gas Industry Ideally Position Company to Capitalize on Growth in China and Throughout Europe

HOUSTON, TX -- (MARKET WIRE) -- September 20, 2005 -- Patriot Mechanical Handling Inc. (OTC: PMHH), a leading provider of mechanical handling solutions and services to the oil and gas industry, announced today that it has acquired 100% of MOS International plc's (LSE: MOI) Southeast Asia and UK-based subsidiaries in a share swap agreement.

The agreement called for an asset purchase of MOS Offshore Ltd, in which Patriot acquired the equipment and other substantial offshore assets of the company valued at $18 million, in exchange for 9 million shares of Patriot. In a second transaction, Patriot acquired MOS International SE Asia Pte Ltd in a share exchange. MOS International SE Asia Pte Ltd will continue to operate as a wholly owned subsidiary of Patriot. This acquisition was valued at $18 million and Patriot exchanged 9 million shares for the company.

Paul Findlay, President and CEO of Patriot, commented, "The acquisition of the two divisions, which will be known as Patriot (SE) Asia Pte ltd and Patriot Offshore UK, further positions the company as a global provider of mechanical handling solutions for the oil and gas industries."

Asia Pacific has seen the largest "boom" in new build rig activity since the inception of the existing fleet back in the early '70s. New build activity has reached new highs and PMH will benefit from its presence in this region with the added benefit of local manufacturing capabilities. With the creation of Patriot SE Asia, the company will focus more in this region. Currently, the company partners in Singapore through a formal agreement with one of the largest shipyards in the world, "Keppel Fels."

Findlay added, "We are confident in our ability to grow our global subsidiaries and develop new lines of business. The oil and gas industry is experiencing tremendous growth throughout Asia, and as a global leader in supplying services to this industry, we are ideally positioned to capitalize on that growth."

China continues to be one of the "hottest" economies in the world and its voracious appetite for raw materials seems unabated. Patriot already has realized great success in China with its Marine deck crane product and some of its Subsea handling products. Management is keen to continue to expand the relationship with the Chinese Government-owned company, CNOOC (Chinese National Oil Company), by adding the sales of its drilling products to the mix.

India trails China closely in its need to continue to supply its own raw materials and energy. Patriot has the leading agent for foreign companies signed up in this area, and has already identified over $10 MM in orders over the next few years.

About Patriot Mechanical Handling

Headquartered in Houston, Texas, USA, Patriot Mechanical Handling, Inc. (PMH) is a comprehensive engineering and product supplier for all mechanical handling solutions in the oil and gas industry. In addition to this, Patriot is a licensed representative for some of the finest & most well established brands in the lifting and mechanical handling business. Our success is based upon effectively meeting the customer's needs prior to, during and most importantly after the product has been delivered. Our personalized service is unrivaled. We frequently monitor the quality of our products to ensure our customers' satisfaction, and offer equipment that is guaranteed safe for use and fit for purpose.

More information is available by contacting the company directly. Information is available on the web at: http://www.patriotmh.com.

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.

Contact Information

  • Contact:
    Patriot Mechanical Handling, Inc.
    Tel: 281-445-4745
    Fax: 281-445-9839
    E-Mail: Email Contact

    MOS International plc
    Philip Wood, Chairman
    Tel: 01274 531 862

    Capital Group Communications Inc
    Devin J. Bosch, President
    (415) 843-0200 office
    (415) 843-0214 Fax
    Email Contact