PRESS RELEASE
Thomas Equipment, Inc. Announces President Terminated For Cause
Management changes part of previously announced corporate restructuring.
MILWAUKEE, WI-- June 15, 2006 -- Thomas Equipment Inc. ("Thomas") (AMEX: THM) today reported that the board of directors has terminated the employment of President and Chief Executive Officer, Clifford Rhee for cause, and has accepted his resignation from the board of directors effective immediately.
“The board of directors believes this action is consistent with the restructuring plan that was previously announced,” said David Marks, Chairman of the Board.
James E. Patty (JP), the current Chief Operating Officer will act as interim Chief Executive Officer.
About Thomas Equipment Inc.
Thomas Equipment, Inc. is an innovative and technologically advanced global manufacturer of a full line of skid steer and mini skid steer loaders as well as attachments, mobile screening plants and six models of mini excavators. Thomas distributes its products through a worldwide network of distributors and wholesalers. In addition, Thomas' wholly owned subsidiaries manufacture specialty industrial and construction products, a complete line of potato harvesting and handling equipment, fluid power components, pneumatic and hydraulic systems, spiral wound metal gaskets, and packing material.
Thomas Equipment Inc., www.thomas-equipment.com, www.thomasloaders.com, includes subsidiaries: Pneutech Inc., www.pneutech.thomas-equipment.com, Rousseau Controls Inc., www.rousseaucontrols.com, Samsung Industry Co. Ltd., www.ss-ind.com, and Hydramen Fluid Power Limited, www.hydramen.com.
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Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of THM could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, and such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
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Investor Relations:
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Joel Arberman, Managing Member
800.910.9035
www.stockaware.com
