Standard Automotive Announces Extension of Forbearance

    NEW YORK--Sept. 28, 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 an extension of the forbearance agreement under the Credit Facility, expiring on October 5, 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.