Manitex Int'l (MNTX) Announces Divestiture of Sabre Total Potential Consideration of Approximately $4.4 Million

Manitex International, Inc. (NASDAQ: MNTX) a leading international provider of cranes and specialized industrial equipment, today announced that it has agreed to a transaction for the sale of its subsidiary, Manitex Sabre, of Knox, Indiana to privately-held Super Steel, LLC, a leading contract manufacturer in Milwaukee serving the Agricultural, Construction, Industrial, Transportation, and Defense markets. Consideration to Manitex for the sale is $1.5 million in cash that has been paid to Manitex upon close, plus royalties, based on future Sabre revenues which have the potential of yielding approximately $2.9 million in additional consideration to Manitex.

Steve Filipov, Chief Executive Officer of Manitex commented, "We are pleased to announce a transaction with Super Steel for Manitex Sabre as part of our effort to maintain our focus on crane businesses and strengthen our financial position for future growth. We believe it is a great fit for Super Steel and their growth objectives, and we look forward to helping them make an efficient and smooth transition to their manufacturing platform and stewardship."

Jason Gaare, President of Super Steel, commented, "We are looking forward to leveraging our manufacturing capabilities to include our first foray into branded products of our own, having been a trusted contract manufacturer to diversified industries since 1923. The Sabre product line is very much aligned with our domain expertise and we would anticipate being able to offer an exceptional manufacturing, service, and delivery platform to Sabre's current and future customers with quality products."

Manitex anticipates booking a modest gain on the transaction, which will be reflected in its third and fourth quarter 2020 financial reports. The $1.5 million in cash received will be used for debt repayment. The transaction closed on Friday August 21, 2020.

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