KINGSBURY CELEBRATES 90th ANNIVERSARY OF FLUID FILM BEARING INVENTION

PHILADELPHIA, PA, February 25, 2002 - In April, Kingsbury, Inc. will celebrate the 90th anniversary of Dr. Albert Kingsbury’s fluid film thrust bearing. Kingsbury plans to commemorate its 90th anniversary with a dinner and presentation to honor its employees, customers, suppliers and business partners at the Franklin Institute on April 29, 2002. First installed at Pennsylvania Power & Light’s Holtwood generating station in 1912, Kingsbury’s invention was the only technology that could handle the enormous thrust loads created by the then modern electric generating turbines. Previously installed rolling element bearings consistently failed within several months of installation, and ultimately threatened the survival of the utility. Kingsbury’s tilt-pad thrust bearings at Holtwood are still operating flawlessly today, and have an expected lifespan – without maintenance – of 1300 years! Since then, Kingsbury’s fluid-film thrust and journal bearings have been used in a wide variety of applications, from power generation to marine propulsion. The company built by Dr. Kingsbury has maintained its industry leadership, offering its customers better machine performance, lower operating costs, improved equipment longevity and outstanding service and support. Some of the company’s significant milestones include: 1919: Bearing installed at Niagara Falls with half-million pound thrust capacity 1923: Receives Elliott Cresson award from Franklin Institute for invention 1942: Receives award from Navy for high production throughout WWII 1946: Introduces tilt-pad journal bearings 1985: Receives patent for revolutionary Leading Edge Groove (LEG®) technology 1987: Receives ASME Landmark award on its 75th anniversary 1995: Kingsbury’s Philadelphia plant receives ISO 9001 certification