SOURCE: Thomas Equipment Inc.

November 08, 2006 15:31 ET

Thomas Equipment Re-Starts Manufacturing

NEW YORK, NY -- (MARKET WIRE) -- November 8, 2006 -- Thomas Equipment, Inc. ("Thomas") (AMEX: THM) announced that efforts are underway to reestablish manufacturing at its plants in New Brunswick, Canada and in South Korea. According to Thomas Equipment President Charles Matteson, "Our people have been on the ground in New Brunswick and in South Korea. I am pleased to report that both operations have skilled personnel who are committed to producing a world-class product under the Thomas Equipment brand name. We have added personnel in both locations and intensive efforts are underway to procure parts and supplies for the production of new equipment." Matteson added, "Thomas Equipment is poised to honor and service warranty requests on its equipment in the field. We are replenishing the parts, attachment and other inventories to supply our global dealer network and customers." Future customers will receive complete service, support, warranty, and parts provision as expected from a world-class manufacturer.

While details are not yet public, Thomas Equipment, Inc.'s investors and lenders have continued to provide funds to the Company. Thomas Equipment 2004, Inc. and Pneutech, Inc. continue to operate under the NOI and CCAA proceedings, respectively. The Company anticipates developing a plan for the consideration of creditors in the fourth quarter of 2006.

About Thomas Equipment, Inc.

Thomas Equipment, Inc. 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.

Pneutech Inc. (, established in 1973, and its subsidiaries are engaged in the fluid power industry and specializes in the design engineering, manufacture and distribution of pneumatic and hydraulic systems and components for automation and motion control applications.

Pneutech has more than 10,000 active customers, primarily in the pulp and paper, aluminum plant, forestry equipment, automotive, oil and gas, heavy equipment, hydraulics, injection molding and power generation industries. The division maintains eight manufacturing and distribution facilities in Canada and has more than two hundred employees in engineering, manufacturing, distribution, sales, service, finance, administration and management.

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 THM 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, and 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.

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