MESSINGER BEARINGS ACQUIRED BY KINGSBURY, INC.

PHILADELPHIA, PA, February 9, 2004 - Kingsbury, Inc., a leading manufacturer of fluid film thrust and journal bearings, announced today the acquisition of Messinger Bearings Corporation. The official acquisition was effective February 1, 2004. Messinger Bearings is a specialty manufacturer of large, heavy-load rolling element bearings. "We believe that this acquisition is truly a perfect marriage of Messinger's outstanding experience and Kingsbury's trademark engineering, manufacturing, and aftermarket support," stated William Strecker, vice president of sales and marketing at Kingsbury. "We look forward to re-establishing the Messinger brand as a leader in rolling element bearings." Since 1912 Messinger has served customers in the pulp & paper, steel, beverage, heavy construction, rock crushing, and defense industries. With the acquisition Kingsbury intends to build on its expertise for developing large and custom bearing solutions, a reputation that Messinger also enjoys. Equipment, inventory and critical staff have been moved to Kingsbury headquarters. Kingsbury extended their product line this time last year with the creation of a new Magnetic Bearings division. The new division was formed through a strategic alliance with the French company The Société de Mécanique Magnétique (S2M) to better serve North and South American turbomachinery markets with magnetic bearings and high-speed motor/generator products.