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Burnham Extends Tender Offer For Bryan Steam

29 October 1998

Burnham Extends Tender Offer For Bryan Steam

    LANCASTER, Pa., Oct. 28 -- Burnham Corporation
(OTC Bulletin Board: BURCA) announced today that its subsidiary, Burnham
Acquisition Corporation, has extended its cash tender offer to purchase all
outstanding shares of common stock of Bryan Steam Corporation
(OTC Bulletin Board: BSTM) until 12:00 midnight, November 4, 1998, unless
further extended.  The offer remains subject to the conditions previously
announced.
    The initial tender period for the offer to purchase, dated September 29,
1998, expires October 28, 1998.  As of 3:00 P.M. on October 28, approximately
174,459 shares, constituting approximately 91.2% of Bryan Steam's outstanding
common stock had been tendered.
    Bryan Steam stockholders who have already tendered their shares pursuant
to the offer to purchase will not be required to re-tender their shares unless
they elect to withdraw their original tender.  Stockholders who tender
pursuant to the offer to purchase have the right to withdraw their shares at
any time prior to acceptance of shares for payment by Burnham.
    Burnham has been a leader in the hydronics industry since producing its
first boiler in 1873.  Burnham is a major U.S. manufacturer of boilers,
furnaces, radiators and related equipment, with sales of $174.6 million in its
fiscal year ending December 31, 1997.
    Bryan, a domestic manufacturer of watertube boilers, is located in Peru,
Indiana, with subsidiaries in Monticello, Indiana and San Angelo, Texas.
Bryan has been in business since 1916 and has developed a line of watertube
boilers that are unique in the industry.  Bryan had sales of $26.3 million in
its fiscal year ending June 30, 1998.