Octagon Holdings Announces Acquisition of Manik Motors

LOS ANGELES, Nov. 8, 2004 -- Octagon Holdings, LLC ("Octagon"), a privately held international acquisition and management company, announced today that it has acquired Manik Motors ("Manik"). Terms of the acquisition were not disclosed.

Manik, one of the U.S.A.'s largest manufacturers of Tubular Steel Off-Road Accessories, specializing in packages of Front Bars, Side Steps and Tail Light Guards in both Black or Chrome-Style highly Polished Stainless Steel, will operate from two locations, a 100,000 sq. ft. manufacturing facility in Mexicali, Mexico and a 11,000 sq. ft. office and research and development facility in Valencia, California.

Octagon, which specializes in acquiring small to mid-sized companies and managing them for growth and profitability, has, to date, completed 22 transactions providing products and services throughout the world.

Jeffrey B. Crevoiserat, Founder and Co-Chairman of Octagon, said, "The acquisition of Manik provides an exciting opportunity for Octagon. We are confident that the business has significant potential, and we look forward to providing the leadership and resources required to create and sustain a dynamic and market leading enterprise."

Brian L. Katzen, Founder and Co-Chairman of Octagon, added, "Manik's ability to manufacture top-of-the-line products is, in our view, unmatched in the industry and we look forward to working with Manik's management team and employees to maximize the potential of this business."

Brian Aune, CEO of Manik said, "We are very enthusiastic about this transaction, the relationship with Octagon and the opportunities for long-term growth and stability that Octagon provides. Octagon has established a solid reputation for significantly improving the companies it buys by empowering management and employees to move quickly to take the necessary steps to maximize growth and add value to businesses. This is exactly what we plan to do with Manik."

"Manik has a significant competitive advantage in our manufacturing process and in the quality of products that we provide to our customers," added Nick Thorne, Manik's Executive Vice President of Marketing and Product Development. "Under Octagon's ownership, we are looking forward to leveraging this advantage even further."

About Octagon Holdings

Octagon Holdings, LLC ("Octagon"), founded in 1997, is a highly diversified international private equity firm that focuses on businesses that have a particular niche within an industry and that are poised for significant growth and expansion. Octagon invests for long term appreciation and specializes in complex transactions and structures in both public and private companies. Octagon's preferred investment strategy comprises acquiring a majority position in the target company, focusing on building value through the implementation of unique financial, strategic, technical, and operational strategies. Through its global network of offices, the Octagon team have considerable expertise in various deal structures and hands on management of companies in a variety of industries, as well as through various economic and business cycles. Since its inception, Octagon has completed more than 22 transactions.

About Manik Motors

Manik Motors, located in Valencia, California, is one of the largest manufacturers of Tubular Steel Off-Road Accessories in the United States. The company, which specializes in packages of Front Bars, Side Steps and Tail Light Guards in both Black or Chrome-Style highly Polished Stainless Steel, manufactures all of its products in-house in its 100,000+ sq. ft. manufacturing site, to ensure consistent quality and delivery. Manik Motors actively supports SEMA (Specialty Equipment Manufacturers Association) and PRO (Professional Restylers Organization). For more information, please visit www.manik.com.