Owosso Corporation Announces Amendment to Credit Agreement

WATERTOWN, N.Y., Dec. 22, 2003 -- ? Owosso Corporation (BULLETIN BOARD: OWOS) today announced that it has amended its $10 million credit facility with its current bank group. The existing facility, due to expire on December 31, 2003, has been extended until March 31, 2004. Commenting on this announcement, George B. Lemmon Jr., the Company's President and Chief Executive Officer, remarked, "We are happy to have successfully completed this amendment and greatly appreciate our credit facility lenders' confidence in Owosso Corporation as we continue to move forward in our efforts to properly position the Company and stabilize its capital structure."

Through its sole operating subsidiary, Stature Electric, Inc., Owosso Corporation manufactures fractional and integral horsepower motors, gear motors, and motor part sets. Significant markets for Stature include commercial products and equipment, healthcare, recreation and non-automotive transportation. Stature's component products are sold throughout North America and in Europe, primarily to original equipment manufacturers who use them in their end products.

Certain statements in this press release are forward-looking statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may use the words "expect", "anticipate", "plan", "intend", "project", "believe" and similar expressions. These forward-looking statements reflect the Company's current expectations concerning future events, and actual results may differ materially from current expectations or historical results. Any such forward- looking statements are subject to various risks and uncertainties including, but are not limited to, adverse developments in economic factors influencing the manufacturing sector of the economy, other risks and uncertainties detailed from time to time in our filings with the United States Securities and Exchange Commission, and other risks and uncertainties detailed from time to time in statements made by our management.