API Heat Transfer Strategic Project to Benefit New York and Global Community

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Leading product manufacturer to realign, reallocate and expand Buffalo area operations to better manage and grow global business; local, county, and state organizations come together in support of a successful future for the company, its employees, customers and community.

I am extremely pleased that we are able to support one of the largest full-service manufacturers of industrial heat transfer products and thermal process systems in the world by assisting it to grow right here in New York State.

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API Heat Transfer Inc., a global manufacturer of industrial heat transfer products and supplier of complete thermal process systems, today announced it has commenced a strategic project that will help it achieve increased domestic and international market share in the near term. The expansion gives the company increased capacity and enhances its capabilities. In association with the project, API Heat Transfer also announced it has been awarded economic development incentives by the State of New York and regional entities.

All told, the $11-million project will create new manufacturing capabilities and improved operational efficiencies in the company's Cheektowaga, New York and Arcade, New York facilities. The project also is intended, by 2012, to generate as many as 115 new jobs in the Western New York area.

The expansion portion of the project encompasses the addition of more than 52,000 square feet in production space and approximately 6,000 square feet in administrative space. The improvements include increased manufacturing capacity for existing and new products, a best-in-class research and product development laboratory, more efficient workflow, as well as the acquisition of equipment that will substantially boost overall capabilities. Every component of the strategic initiative is intended to bolster corporate competitiveness globally and long term.

"In order that we may continue to raise the bar on customer service and satisfaction and to better secure new market share globally, API Heat Transfer has carefully devised a sound blueprint for our future success. This plan includes the strategic upgrade, in terms of both capacity and capabilities, of our Walden Avenue and Arcade facilities," said API Heat Transfer President and Chief Executive Officer Joseph Cordosi. "All of our efforts are targeted to facilitate improved penetration in existing end markets and growth into new end markets. The current global financial reality is precisely why targeted infrastructure investment is so vital. We are thankful to be part of a great community of employees, customers and partners, including Industrial Growth Partners, the State of New York, Erie County, Wyoming County, the City of Buffalo and the Town of Cheektowaga."

"At a time when the country is facing its biggest economic challenges in decades, the growth and expansion of API Heat Transfer in Western New York is immeasurably significant to the stability of the local and state economies. By pledging to increase its workforce by nearly 25 percent, API Heat Transfer has made a solid commitment to the state and specifically to the people of Western New York," said Governor David A. Paterson. "I am extremely pleased that we are able to support one of the largest full-service manufacturers of industrial heat transfer products and thermal process systems in the world by assisting it to grow right here in New York State."

"API Heat Transfer is an important staple for both the Erie and Wyoming County economies," said Empire State Development Upstate President Dennis M. Mullen. "With the company seeing such enormous growth in sales--increasing 44 percent over the past three years--it is imperative for API Heat Transfer to accommodate such growth by expanding their existing facilities, so as not to limit further development in both their current and new product lines and markets. In difficult economic times as these, it is important that New York State fosters and encourages private sector growth, particularly for the Upstate region."

In a best-practice fashion, many entities worked together closely and diligently to bring the project forward. In addition to the State of New York, API Heat Transfer collaborated with Empire State Development, New York's chief economic development agency, Erie County and the Erie County Industrial Development Agency, Wyoming County, The City of Buffalo, Buffalo Niagara Enterprise, Buffalo Economic Renaissance Corporation and the Town of Cheektowaga.

Groundbreaking on the project occurred September 29, 2008. Work is expected to be complete in early 2009, at which time a ribbon-cutting ceremony is planned. Krog Construction, based in Upstate New York, is leading the effort.

About API Heat Transfer

API Heat Transfer Inc. is headquartered in Western New York and operates four manufacturing facilities in the United States, Germany, and China. The company is a recognized world leader in the design and manufacture of heat transfer products, devices used to transfer heat from one medium to another. Such devices commonly are used in compressors, refrigerant air dryers, power generation, chemical and petrochemical processing, food and beverage processing, heating ventilating and air conditioning, dealcoholization, hydraulic oil cooling and cooling packages for diesel engines. API Heat Transfer's three business units market products globally under the brands Airtech, Basco, Schmidt and Whitlock. In keeping with a 125-year history of setting the standard in offering quality and value, the company has achieved ISO 9001 certification. API Heat Transfer is owned by the private equity group Industrial Growth Partners. More information is available at http://www.apitheattransfer.com.

About Empire State Development

Empire State Development (ESD) is New York's chief economic development agency, encompassing business, workforce, and community development. ESD also oversees the marketing of "I LOVE NY," the State's iconic tourism brand. For more information, visit http://www.nylovesbiz.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed herein are forward-looking, reflect numerous assumptions, and involve risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. We undertake no obligation to release publicly any changes in events or circumstances arising after the date hereof.

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Ellen Hassett for API Heat Transfer
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