SOURCE: Patriot Mechanical Handling, Inc.

April 10, 2007 09:30 ET

Patriot Mechanical Handling Signs Definitive Agreements

HOUSTON, TX -- (MARKET WIRE) -- April 10, 2007 -- Patriot Mechanical Handling, Inc. (PINKSHEETS: PMHH) announced today that it has signed an Agreement and Plan of Merger with Kensington Industries, Inc.

The Agreement calls for a restructuring of Patriot Mechanical Handling Inc. Delaware. The current board of directors will resign in favor of the Kensington Industries board of directors, the company will change its name to Kensington Industries, Inc. The company will take a new direction toward manufacturing products for heavy industry. In an Agreement signed simultaneously, the new directors reached agreement to transfer the Patriot Mechanical Handling businesses, along with all of the liabilities and debt that had been accrued, to Global Marine Energy, plc. in return for 38,400,000 shares of the Company's common stock.

Patriot's CEO, Mr. Paul Findlay, said, "Global Marine Energy Plc (GME) as part of its ongoing strategic review had expressed an interest in reacquiring the Patriot operating companies which GME had provided with substantial working capital loans. The board was presented with an opportunity to merge with an ongoing profitable business. This merger together with the transfer of the Patriot Mechanical Handling Business gives shareholders of the newly named Kensington Industries Inc. ongoing value whilst removing the substantial indebtedness to GME."

Mr. Wm Schluter, the new President, stated, "We are pleased to report that we were successful in negotiating this agreement. This agreement will relieve the company of millions of dollars of liabilities to GME, which will be transferred to the Patriot businesses. The stock will be returned to the treasury of the company, thereby allowing the new business of the company to proceed with a positive balance sheet and ongoing operations."

Kensington Industries is a specialty manufacturer of products for heavy industry based in the Midwest.

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. 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.

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