Key Stakeholders Support Maxim Crane Plan of Reorganization

Confirmation Hearing Set for December 30, 2004

PITTSBURGH, Nov. 10 -- Maxim Crane Works, the largest crane rental company in the United States today announced that the United States Bankruptcy Court for the Western District of Pennsylvania has approved the adequacy of its Disclosure Statement in support of its Plan of Reorganization. The Plan of Reorganization is now fully consensual among all the Company's key stakeholders. The Court set the confirmation hearing for December 30, 2004.

By the end of this week, the Company expects to have mailed a solicitation package to each creditor eligible to vote. Creditors will have until December 20, 2004, to return their ballots to the Company's solicitation agent.

"We are very pleased to have reached agreement with our key stakeholders on our Plan and to receive Court approval to move forward with the solicitation," said Arthur Innamorato, chief executive officer of Maxim Crane Works.

"Having achieved this important milestone, we are continuing to work with Goldman Sachs to complete our exit financing. We are optimistic Maxim Crane will emerge from Chapter 11 early next year with a significantly de-leveraged capital structure, positive cash flow and a well-structured financing package that will allow the Company to grow and prosper in the coming years."

The Company has also announced that the Court has approved the Company's request to suspend a marketing process that the Court had mandated at a hearing on October 18, 2004. The Creditors' Committee joined the Company in making that request because it now supports the Plan as the best alternative for all parties.

Maxim Crane Works filed its voluntary petition in the U.S. Bankruptcy Court for the Western district of Pennsylvania in Pittsburgh on June 14, 2004. The Company expects to emerge from Chapter 11 early next year.

About Maxim Crane Works

Maxim Crane Works, the nation's leading coast-to-coast, full-service crane rental company, currently operates over 45 branch offices in six regions. Maxim specializes in the rental and sales of cranes, aerial work platforms, rough-terrain telescopic forklifts, boom trucks and other ancillary equipment.