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Clarion Technologies Announces Sale of Montpelier, Ohio Manufacturing Facility

GRAND RAPIDS, Mich., April 24 Clarion Technologies, Inc. announced today that it has signed a definitive agreement to sell its manufacturing facility located in Montpelier, Ohio to CK Technologies, LLC, a joint venture between Cascade Engineering of Grand Rapids, Michigan and plant management.

The terms of the sale provide for a purchase price of $12,325,000 plus the value of net working capital, estimated to be approximately $750,000. The closing of the transaction is subject to financing, as well as other conditions, and is expected to close shortly.

John Brownlow, VP Sales commented, ``We expect the sale of the Montpelier facility to allow Clarion to focus resources on its primary markets, consumer products and automotive, providing engineering and manufacturing expertise to meet and exceed the requirements of our customer base.''

William Beckman, President for Clarion commented, ``We believe the sale of the Montpelier facility is truly a win-win situation for all parties involved. CK Technologies has exciting plans for future growth in the facility, including a strong focus on further developing the truck market. We believe this will provide opportunities for the associates in Montpelier. Clarion will continue to have access to the heavy tonnage capacity in Montpelier, without the capital investment required to maintain the operation.''

Beckman further commented, ``The sale of this facility is another significant step by Clarion to improve its financial strength. Upon closing the transaction, Clarion will be able to complete a substantial pay down on its senior debt. The sale will also provide working capital funding. We expect that these moves will enable us to focus our efforts on our core capabilities in the consumer goods and automotive markets and to further strengthen our relationships with our customers and suppliers in these markets.''

Beckman added, ``The completion of this transaction, combined with continued operational improvements increase our confidence as we enter the rest of 2002. We have made it through the challenges of 2001 and are now clearly focused on the future of Clarion and increasing our ability to exceed the expectations of our customers and grow the organization. We believe Clarion is now positioned to capitalize on its opportunities.''

After completion of the sale, Clarion Technologies, Inc. will operate four manufacturing facilities in Michigan and South Carolina with approximately 145 injection molding machines ranging in size from 55 to 1500 tons of clamping force. The Company's headquarters are located in Grand Rapids, Michigan.