Manitex International, Inc. Announces New Contract for Supply of Specialized Material Handling Equipment Totaling $10 Million

BRIDGEVIEW, Ill., Aug. 24 /PRNewswire-FirstCall/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, today announced that the Company's Manitex Liftking material handling subsidiary had received a new three year contract, with an additional two year option, for the supply of specialized material handling equipment for an international agency. The total value of the contract, including the option, is approximately $10 million.

Mark Aldrovandi, responsible for military, government and international agency sales for Manitex Liftking commented, "This new contract for the supply of up to fifty of our rough terrain forklifts is a significant addition to the existing contract for our high tonnage specialized units that we secured in  2009. This contract, encompassing several different product configurations, is testament to the confidence our customer has gained over the last year from our performance, not only in terms of delivery and service, but also from some extremely tough, in the field, experience and validation with our units."

The new contract which is guaranteed for three years and has an additional two year option, includes requirements for four different capacity rough terrain forklifts to be supplied for service in international locations including Africa, Europe, Central America and the Middle and Far East. Initial deliveries are anticipated to commence in the first quarter of 2011. The contract requires supply of both new units and spare parts.

Andrew Rooke, President and Chief Operating Officer for Manitex International commented, "Manitex Liftking continues to demonstrate the strength of product, service and customer support required to succeed internationally. We are extremely pleased to be awarded this additional contract which we see as recognition of meeting and exceeding customer expectations on the original contract we received, as well as the strength and depth of our product line. We anticipate further opportunities to build on this success and secure additional orders in the future, as we look to further penetrate international growth markets, and diversify our revenue profile."

About Manitex International, Inc.

Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support. Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, Fuchs material handlers and our own Manitex product line. Crane and Machinery provides after market service in its local market as well as being a leading distributor of OEM crane parts, supplying parts to customers throughout the United States and internationally. Our Manitex Liftking subsidiary is a provider of material handling equipment including the Noble straight-mast rough terrain forklift product line, Lowry high capacity cushion tired forklift and Schaeff electric indoor forklifts as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in both commercial and military applications. In July 2009, we acquired through a stock purchase, Badger Equipment Company, a Winona, Minnesota-based manufacturer of specialized rough terrain cranes and material handling products and on December 31, 2009 we acquired the operating assets of Load King Trailers, an Elk Point, South Dakota manufacturer of specialized engineered trailers and hauling systems.

Forward-Looking Statement

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts.  In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

SOURCE Manitex International, Inc.