Thomas Equipment To Restructure

Posted on August 18, 2006

Thomas Equipment Inc. said that its wholly-owned subsidiary Thomas Equipment 2004, Inc. intends to initiate court-supervised restructurings and has laid off 141 employees. The parent company, Thomas Equipment, Inc., and its other subsidiaries domiciled in other countries are not subject to the intended Canadian court-supervised restructuring nor does Thomas have any present intention to file any other similar proceedings for the parent company or any other subsidiary in the United States.

The restructuring is intended to provide Thomas Equipment with appropriate financial resources to address short-term needs and successfully execute on longer-term strategic opportunities, the company said.