Optimism for Continued Growth in 2008 Supported by Positive Customer Response
BRIDGEVIEW, Ill., Oct. 29 /PRNewswire-FirstCall/ -- Veri-Tek International, Corp. (AMEX:VCC), a leading North American manufacturer of engineered lifting equipment, reported today that its Manitex subsidiary's new products received a strong reception at the recent ICUEE tradeshow in Louisville, Kentucky.
On exhibit were several product lines and models, featuring Manitex' newest 50-ton capacity boom truck launched in May 2007, which has been the most successful product launch in the company's history, and its newly acquired TrailerMate TM50 truck-mounted forklift. The response from customers and other industry attendees was encouraging and the positive feedback confirmed that demand for its specialized niche lifting equipment remains strong.
Commenting on the show, Scott Rolston, Manitex General Manager said, "We are delighted by the reception that our products received at this important show. We are particularly pleased with this confirmation of our strategy to continue product innovation and deliver value-creating solutions for our customers. Since 2003 we have introduced 21 new models each of which addresses specific customer requirements for increased capacity, payload and reach." Mr. Rolston continued, "We have now received over 50 orders for our 50-ton boom truck, that together with our other higher tonnage products, form an increasing part of our higher margin product mix. We are enthusiastic about the support for our products and we are pleased with the good visibility we have for the first half of 2008." Veri-Tek International President and Chief Operating Officer, Andrew Rooke, was equally encouraged by the high levels of activity and interest shown in the Manitex product. "The response at the show was positive evidence that, for the right product in the right markets, there is cause for optimism in continued growth for Veri-Tek as we head into 2008. Our strategy of innovation and targeted solutions continues to provide an engine for top line expansion in our business. We expect that the momentum we're experiencing, as evidenced by customer response, demand, and orders, positions us well for continued strong operating and financial performance as we go forward." About Veri-Tek International, Corp.
Veri-Tek International, Corp. is a leading provider of engineered lifting solutions including boom truck cranes, rough-terrain forklifts and special mission oriented vehicles. Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes, that are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary manufactures and markets a complete line of rough-terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment, used both in commercial and military applications.
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 with respect to anticipated operational and financial results, future demand and deliveries, and market growth. 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.
Company Contact Veri-Tek International, Corp. Hayden Communications
David Langevin Peter Seltzberg or Brett Maas
Chairman & Chief Executive Officer Investor Relations
(708) 237-2060 (646) 415-8972
DATASOURCE: Veri-Tek International Corp.
CONTACT: David Langevin, Chairman & Chief Executive Officer of Veri-Tek International, Corp., +1-708-237-2060, , or investors, Peter Seltzberg, , or Brett Maas, both of Hayden Communications, +1-646-415-8972, for Veri-Tek International Corp.
Web site: http://www.veri-tek.com/
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