Industrial News

"We welcome Petter Etholm and look forward to benefiting from his expertise leading companies in financial and operational restructuring as he implements strategies to restore stability and regain market share," said Luther.

Etholm said, "Thomas Equipment has great brand names and a long history of providing top quality products and service to customers. We plan to get back to basics and leverage our product reputation to strengthen relationships and build new business alliances. We will focus on building our core businesses through internal growth, with product improvements and introductions."

Thomas Equipment (www.thomasloaders.com) is emerging from a period of financial difficulty and embarked on a restructuring program to regain its market position and financial strength. With manufacturing plants in Canada and South Korea, Thomas Equipment is a global manufacturer and marketer of industrial and construction equipment through its Thomas Equipment 2004 subsidiary and of pneumatic and hydraulic systems for the fluid industry through Pneutech Inc., and designs wireless devices for the telecommunications industry, among its other businesses.

Previously, Etholm was a consultant to the Thomas Equipment 2004 subsidiary. Before that, he was President of Cardsmart Retail, leading the turnaround of a small retail network into what Entrepreneur Magazine called one of the 10 fastest growing franchise systems in America. Previously, he was Executive Vice President of Nutri/System, Inc., overseeing its restructuring after having been one of Nutri/System's most successful franchisees.

A member of the World Presidents Organization, earlier in his career, Etholm founded Norwegian Wood Inc., a flooring supplier to the home building industry, and founded Elinex, LLC, a web-based electricity contract trading company.

Multi-lingual, Etholm graduated from The Norwegian School of Economics and Business Administration, with the title of Sivilokonom, and received a Masters of Business Administration degree from Thunderbird, the American Graduate School of International Management.

Born in Norway, he and his wife have three children and live in Massachusetts. Active in civic and charitable activities, Etholm is a former member of the Board of Directors of the Boston Learning Center, a non-profit organization helping disadvantaged students, and was active in the Rhode Island Support Our Troops Program, among other activities.

About Thomas Equipment, Inc.
Thomas Equipment, Inc. provides a variety of branded and other products to industrial markets through four subsidiaries: Thomas Equipment 2004, Inc.; Thomas Equipment Asia Co. Ltd.; Thomas Ventures, Inc., and Pneutech, Inc. The operating subsidiaries, located in Canada, Europe, and Asia, manufacture and market industrial and construction equipment, distribute pneumatic and hydraulic systems and design wireless devices for the telecommunications industry, among other activities. For more information, visit the company's website at: www.thomasloaders.com.

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Under the Private Securities Litigation Act of 1995 - This press release discusses forward-looking statements with risks and uncertainties. THME results could differ materially due to various factors, including inability to finance operations or expansion and hire or retain personnel, economy and interest rate changes, and events such as terrorism. THME believes statements to be reasonable, but neither THME nor any other person can represent they will be achieved. THME is not obligated to update statements due to new information, events or otherwise. Please see the risk factors associated with our Company and review our SEC filings.