Standard Automotive Announces Extension of Forbearance Under Credit Facility

    NEW YORK--Sept. 20, 2001--Standard Automotive Corporation (AMEX: AJX) today announced that the Company and its bank lenders under the Company's Term Loan and Revolving Credit Facility ("Credit Facility") have entered into a extension of the forbearance agreement under the Credit Facility, expiring on September 28, 2001.
    The Company and the bank lenders are currently negotiating a longer-term forbearance agreement.
    Standard Automotive Corporation is a diversified company with production facilities located throughout the United States, Canada, and Mexico. Standard manufactures precision products for the aerospace, nuclear, industrial and defense markets; it designs and builds remotely operated systems used in contaminated waste cleanup; it designs and manufacturers trailer chassis used in transporting maritime and railroad shipping containers; and it builds a broad line of specialized dump truck bodies, dump trailers, and related products. Through its Providence Group, Standard provides engineering professional services to both government and commercial industry.