|FOR IMMEDIATE RELEASE||For More Information, Contact:|
|March 24, 2010||Jim Drewitz, Public Relations|
The $1.4 Million Warehouse And Factory Expansion Will Create 40 Jobs.
ARMSTRONG, Iowa, March 24, 2010 – Art’s Way Manufacturing, Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the Company is planning to purchase a 190,000 square foot facility in West Union, Iowa. A grant and loan of $65,000 from Iowa Economic Development Board will help offset expenses associated with building repairs and machinery and equipment. Art’s Way is also eligible to receive $158,000 for job training. The Board provides incentives that range from loans to tax credits to growing companies like Art’s Way Manufacturing.
J. Ward McConnell, Jr., Executive Chairman of the Board, said, “We are very pleased to receive this grant from The Iowa Economic Development Board as it reinforces the strength, importance and industry leadership of Art’s Way Manufacturing. Our entire team has worked extremely hard to demonstrate to the Iowa Economic Development Board that we are worthy of this funding. Our plans for this facility will be a combination of warehouse for finished products and production of some of our ag lines. The addition of this facility will allow us to gain valuable production space and will certainly allow us to accommodate any future acquisition. The $1.4 million warehouse and factory expansion will create approximately 40 new jobs. We are doing final due diligence but expect to close on the facility around April 30, 2010.”
About Art’s Way Manufacturing, Inc.
Art’s Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After market, service parts are also an important part of the Company’s business. We have two wholly owned subsidiaries. Art’s Way Vessels Inc. manufactures pressurized tanks and vessels; Art’s Way Scientific Inc. manufactures modular animal confinement buildings and modular laboratories.
For More Information, Contact: Jim Drewitz, Investor Relations
Or visit the Company’s website at www.artsway-mfg.com
This news release includes “forward-looking statements” within the meaning of the federal securities laws. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company’s products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ markedly from management’s expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.