Valley Detroit Diesel Allison's Purchase Offer for Westerbeke Corp. -WTBK- Receives No Response from Special Committee of the Board of Directors of Westerbeke

    CITY OF INDUSTRY, Calif.--May 28, 2003--Valley Detroit Diesel Allison (VDDA) (www.vdda.com), a leading distributor, manufacturer and servicer of marine engines & generator sets, diesel engines, commercial duty transmissions and power generation equipment based in City of Industry has made an offer to acquire the business of Westerbeke Corp. for a total purchase price of $13,844,090.
    VDDA's offer was made to the special committee of the board of directors of Westerbeke. The total purchase price of $13,844,090 includes the assumption of all outstanding liabilities approximating $7,100,000 and cash of $6,744,090 in exchange for all the assets of Westerbeke.
    Westerbeke would receive an approximate $3.45 per share based on Westerbeke's estimated 1,954,809 outstanding shares as of April 26, 2003. VDDA indicated in its offer that John Westerbeke's agreement to cooperate with VDDA's purchase will result in the upward revision of the cash portion of the purchase price.
    VDDA's offer by its terms expired at 3 p.m. (EDT), 12 p.m. (PDT) on May 28, 2003. The special committee of the board of directors of Westerbeke has not responded to VDDA's offer.