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Burnham Extends Tender Offer For Bryan Steam

4 November 1998

Burnham Extends Tender Offer For Bryan Steam

    LANCASTER, Pa., Nov. 4 -- 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 until 12:00
midnight, November 11, 1998. The offer remains subject to the conditions
previously announced.
    The tender period for the offer to purchase was previously extended to
November 4, 1998. As of 12:00 midnight on November 3, approximately 184,650
shares, constituting approximately 96.5% 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.