Miller Industries, Inc. Announces Sale of Common Stock and Retirement of A Portion of Its Subordinated Debt

CHATTANOOGA, Tenn., May 27, 2004 -- Miller Industries, Inc. announced today that it has completed the sale of 480,000 shares of its common stock at a price of $9.00 per share to a small group of unaffiliated private investors. The proceeds of this sale, together with additional borrowings under the Company's senior credit facility, were used to retire approximately $5.4 million principal amount of the Company's subordinated debt and approximately $350,000 of accrued interest on such debt. This debt earned interest at an annual rate of 18%. The Company's remaining subordinated debt consists of approximately $4.29 million principal amount bearing interest at an annual rate of 9%.

Jeffrey I. Badgley, the Company's President and Co-CEO, said, "We are excited that Ashford Capital has chosen to significantly increase its investment in our Company. This increased investment demonstrates their continuing confidence in our business and management. The subordinated debt reduction made possible by this investment will save the Company almost $1 million in annual interest expense."

Miller Industries, Inc. is the world's largest manufacturer of towing and recovery equipment. The Company markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion and Eagle.

Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The Company noted that the forward looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed under the caption "Risk Factors" in the Company's Form 10-K for fiscal 2003, which discussion is incorporated herein by this reference.