KINGSBURY FURTHER EXPANDS R&D EFFORT WITH ADDITIONAL PERSONNEL

PHILADELPHIA, PA, August 6, 2002 - Kingsbury, Inc. recently expanded the capabilities of its Research & Development Department with the hiring of Neil Jenkins, Ph.D. as Mechanical Research Engineer. He will handle the planning and preparation of Kingsbury's in-house equipment for testing experimental and prototype bearings. Jenkins will also handle the analysis and reporting of data gleaned from these tests. "Our goal is to best utilize our research and development resources to maintain leadership and a technical advantage in the fluid-film industry," commented Joe Wilkes, Kingsbury's Director of Engineering. Kingsbury considers its R&D Division the driving force behind the company's niche in the bearings market. "Adding Neil to our team is a step toward the development of a new and better bearing." Jenkins comes to Kingsbury from United Technologies Carrier Corporation, where he served as a Senior Engineer in the Corporate Technology department. He received both his bachelor degree and doctorate in chemical engineering from Lehigh University.