KINGSBURY NOW A BEARING REPAIR & SERVICE LICENSEE FOR SIEMENS WESTINGHOUSE

PHILADELPHIA, PA, February 3, 2003 - Kingsbury, Inc. was recently authorized by Siemens Westinghouse Power Corporation as a bearing repair and service licensee for combustion and steam turbines. The two-year renewable contract went into effect this past November. Kingsbury has been a long-standing provider of thrust and journal bearings to Siemens Westinghouse. Many of the combustion and steam turbines manufactured by Siemens Westinghouse contain patented and proprietary Kingsbury bearing designs. Headquartered in Philadelphia, Kingsbury designs and manufactures a wide variety of standard and custom thrust and journal bearings for rotating equipment applications, including gas and steam turbines, compressors, gearboxes, pumps, air preheaters and ship propulsion systems. They operate three plants in the United States and provide bearings to a global customer base both directly and through a network of international agents and representatives. Kingsbury supplied the first tilting-pad, fluid-film bearings, for hydroelectric applications, in 1912. Today, the company maintains its position as the industry leader through continuing research and development, a commitment to engineering integrity, and world-class customer service.