Eagle Precision Technologies Inc. Announces New CEO

    BRANTFORD, Ontario--Sept. 4, 2002--The Board of Directors of Eagle Precision Technologies Inc. announces today the appointment of Douglas W. Boughner as Chief Executive Officer. Mr. Boughner joins Eagle after having held senior executive positions as President and CEO of FAG Bearing Canada Limited and Senior Vice President & General Manager of Copperweld Canada. He also currently holds the position of Vice Chairman of the Automotive Parts Manufacturers Association.
    Mr. Boughner replaces Mr. David Azoulay who served as Chief Executive Officer on an interim basis and continues as a Director of the Company. Commenting on the appointment, Mr. Azoulay indicated that "Doug Boughner brings to Eagle an extensive background in the global industrial and automotive parts and equipment markets. We are excited to have Doug join the Eagle team. His appointment will provide further focus on the operation of the core business and we are confident that Doug will help drive future profitable growth initiatives for Eagle."
    Eagle previously announced on July 2, 2002, that it has terminated the process to sell the Company. Eagle's principal banker (and major secured lender) has reiterated its continuing support and confidence in the direction of the Company.
    Eagle Precision Technologies Inc. through its operating subsidiaries, designs and manufactures machines used in metal tube forming to shape and manipulate metal tubes; it also provides services to automate and integrate these machines. The Company's principal products are tube bending machines, tube end forming machines and machine systems used in the manufacture of automotive exhaust systems, mufflers, catalytic converters, shock absorbers, suspension struts, automotive fluid handling tubes and structural components. The Company's machines are also used in the aerospace, furniture and refrigeration industries.

    Eagle Precision Technologies Inc. has facilities in Brantford, Ontario; Indianapolis, Indiana; and Nesselwang, Germany, Cheshire, England and Shanghai, China.