Manitex International, Inc. Receives $5.0 Million in New Boom Truck Crane Orders
BRIDGEVIEW, Ill., Aug. 5 /PRNewswire-FirstCall/ -- Manitex International, Inc. (Nasdaq: MNTX ), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, specialized trailers and special mission oriented vehicles, today announced that Manitex, Inc., its Georgetown, TX based boom truck subsidiary, has recently received orders totaling $5 million for shipment during the third and fourth quarters of 2010.
These orders have been placed by Manitex dealers, North West Crane, Ltd. and Cropac Equipment, Inc. and are targeted for support services to the energy sector in western Canada as well as the general construction segment in eastern Canada. The boom trucks ordered are sized to include the higher capacity cranes in the Manitex line and predominantly consist of the Manitex 45 and 50 ton platforms, several of which will incorporate the new 155' powered boom, which is the longest in the boom truck industry. Deliveries are scheduled for the third and fourth quarters. The orders by North West Crane represent the largest such single purchase of such Manitex products to be delivered to western Canada in more than two years.
According to Randy Robertson, Director of Sales and Marketing for Manitex, Inc., "More than half of these orders already have retail customers assigned to them. This is a testament to North West Crane's attention to the pulse of this market and their strength in serving it. Additionally, Cropac continues its major presence in this market and has stock equipment available for the still strong markets in eastern Canada."
Scott Rolston, Senior Vice President of Sales and Marketing for Manitex International, Inc., said "Our willingness to diligently continue and accelerate development efforts during this downturn, positions us with newer, higher-capacity, longer-reaching product to successfully serve this sector. We are optimistic these recent orders signal the start of a continued upturn in western Canada, and show continued strength in the eastern Canada market."
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.
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.