TS&B Holdings, Inc. Signs Definitive Agreement With Lucas Truck

    ORLANDO, Fla.--Nov. 6, 2001--TS&B Holdings, Inc. ("Company") (OTCBB:TSBB) signed a Definitive Agreement to purchase Lucas Truck and Equipment Sales, Inc. ("Lucas Truck"). Lucas Truck, located in Medford, Oregon, is a privately held retail truck, equipment and parts business with existing Volvo, Mack Truck, Western Star, Transcraft and HINO (Toyota) franchises. Lucas Truck had revenues of $9.3 Million for the year ended June 2001.
    The acquisition price was $1,500,000.00 US and was made with 600,000 shares of Company stock priced at $2.50 per share. The closing of the acquisition is subject only to the audit of Lucas Truck.
    The Lucas Truck purchase completes the first phase of the TS&B Holdings' transportation business line. The Company is currently in discussions with several other trucking related businesses, including strategically located distributors, as well as freight companies.
    "The Lucas acquisition is the first purchase under the Company's Acquisition Program utilizing its Acquisition Model of acquiring operating companies," said Charles Giannetto, General Counsel for Company. Mr. Giannetto also stated; "The Company currently has ten prospective acquisitions with signed Letters of Intent. These companies represent primarily marine, construction, and manufacturing industries. Several of these companies are in the final stages of the due diligence process. These prospective acquisitions, if all completed, would be significantly in excess of the '$60 Million in revenue over 36 months' goal the Board had originally forecast in its redirection plan with TransAtlantic Surety and Bond Company, Ltd."

    The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.