SPRINGFIELD, Mo., Dec. 15, 2003 (PRIMEZONE) -- Third Millennium Industries, Inc. (OTCBB:TMLL) today announced that it has signed a Definitive Acquisition Agreement with Barrett Trailers, Inc. Barrett Trailers Inc. will become a wholly owned subsidiary of Third Millennium Industries, Inc. The closing will be contingent upon, among other things, shareholder and other customary regulatory approvals by both companies. It is anticipated that the merger will close in the first quarter of 2004.
"This transaction is another continuing step toward building a management and holding company that invests in companies with diversified skills in the leisure products sector," stated Dennis DePriest, Millennium's President and Chief Executive Officer.
Depriest added, "We are very enthusiastic about the progress of our discussions for the integration of Barrett Trailers, Inc. We believe that Barrett Trailers, Inc.'s management, product offerings, and customer base are outstanding and that Barrett Trailers, Inc. is well positioned for market leadership and growth." John Hodson, Barrett Trailers, Inc.'s Chairman and Chief Executive Officer said, "The greater financial and marketing resource base provided by Millennium will create a stronger and more competitive company better able to capture and maximize the opportunities in the aluminum horse trailer industry and other markets. In addition, this merger will facilitate Barrett Trailers, Inc.'s growth strategy which includes the acquisition of complementary technologies and businesses. We look forward to becoming part of Third Millennium Industries, Inc. family."
About Third Millennium Industries, Inc.
Third Millennium Industries, Inc. ("Millennium") is a manufacturer and distributor of leisure products specializing in aluminum horse and stock trailers. Third Millennium is a publicly traded company (OTCBB:TMLL), headquartered in Springfield, MO, and has operations in Springfield, MO; Tulsa, OK; Weatherford, TX; and Ft. Scott, KS. Millennium actively seeks acquisitions in the equine industry, focused primarily on aluminum horse trailers and related products and services. More information can be found at www.millenniumindus.com.
The aluminum trailer business is highly fragmented and highly competitive. Competition is based on several factors including product quality, value, price, reliability, turnaround time, brand name recognition, dealer services, available financing, customer service, product development, and market research. Millennium believes that the aluminum horse trailer industry is made up of several small manufacturing organizations that account for over 70% of industry sales with the remaining 30% scattered among the regional manufacturers. Among Millennium's more prominent competitors are: Featherlite Corp., Exiss, Cherokee, 4 Star Trailers, Elite Trailers, C&C, Bloomer, Sooner Trailers, Sundowner Trailers, and Hart Trailers.
About Barrett Trailers, Inc.
Barrett Trailers is the manufacturer of the finest all-aluminum livestock semi-trailers, horse and stock gooseneck trailers, bumper pull trailers, custom and specialty trailers, cab protectors, truck beds, and tool boxes. For more than 30 years, Barrett Trailers, Inc. has continued to challenge the industry with unmatched quality products valued for their design, craftsmanship and performance.
Third Millennium Industries, Inc. Safe Harbor Disclaimer
This news release may be deemed to include forward-looking statements as defined by applicable U.S. law and, as a result, may involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in such forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Third Millennium Industries, Inc.'s actual results in the short term include the ability to locate and consummate a transaction with a suitable strategic investment partner, acquisition candidate or other investment opportunity, and Third Millennium Industries, Inc.'s ability to manage its limited cash resources until it is able to do so. Although Third Millennium Industries, Inc.'s management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will in fact prove to be correct or that actual results will be different from the expectations expressed herein. A more detailed description of certain factors that could affect actual results are those discussed in Third Millennium Industries, Inc.'s Annual Report on Form 10-K, its quarterly reports on Forms 10-Q and current Form 8K. Third Millennium Industries, Inc. undertakes no obligation to update publicly any forward-looking statements or reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
The company's executive offices are located at 4933 East Highway 60, Rogersville, MO 65742. Telephone (417) 890-6556.
For Additional Investor Relations and Media Inquiries Contact: Investor Relations, Gary M. DeWeese of DeWeese & Company, +1-417-522-0002 x42, for TMLL