Samuel Manu-Tech Inc. Announces Acquisition of Tubular Products Company

    TORONTO, Feb. 1 /CNW/ - Samuel Manu-Tech Inc. (SMT-TSX) ("Samuel") today
announced that it has acquired Tubular Products Company ("Tubular"). The
company is a recognized leader in the design, engineering, manufacturing and
supply of laser cut carbon steel tubing, fabricated tubular components and
welded sub-assemblies used primarily in outdoor and power transmission
equipment, all-terrain, automotive and other vehicles and reusable coil
carriers in North America. This acquisition complements Samuel's existing tube
bending and welding capability at its Tube.tec operation, located in
Statesville, North Carolina.
    Annual sales of Tubular approximated U.S. $30 million in its most
recently completed fiscal year ended August 30, 2007. Tubular was founded in
1973 and is based in Birmingham, Alabama, employing approximately 160 people
in its 150,000 square foot facility.
    The transaction is structured as a 100% stock purchase. The purchase
price is U.S. $33 million plus an earn-out payment, subject to certain
adjustments for working capital items. Management expects this acquisition to
be accretive to earnings in its first full year of operations. Funding for the
acquisition came from Samuel's existing revolving credit facilities.
    "We are excited to welcome Tubular Products, their management and
employees to our group of companies," commented Samuel's Chairman and Chief
Executive Officer, Mark Samuel, "We consider this to be a positive addition to
our tubular products operations within our growing family of Metal Processing

    Samuel Manu-Tech Inc. is a leading North American industrial products and
technology company producing a wide range of steel, plastic and related
industrial products and services from locations in Canada, the United States
and Mexico.

    Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such

    %SEDAR: 00002004E

For further information:

For further information: John D. Amodeo, Vice President and Chief
Financial Officer, Samuel Manu-Tech Inc., 185 The West Mall, Suite 1500,
Toronto, Ontario, M9C 5L5, Tel: (416) 626-2190,, Email

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