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Standard Automotive Closes Acquisition of Providence Group

13 September 2000

Standard Automotive Corporation Closes Acquisition of Providence Group, Inc. Which Will Immediately Be Accretive to Earnings

    HILLSBOROUGH TOWNSHIP, N.J.--Sept. 12, 2000--STANDARD AUTOMOTIVE CORPORATION (AMEX:AJX, AJX.PR) (the "Company") today announced that its Critical Components Division has completed the acquisition of Providence Group, Inc., ("PGI").
    PGI, headquartered in Knoxville, Tennessee, specializes in the design, assembly and fabrication of advanced robotics and other remotely operated systems for use in hazardous environments. PGI maintains an extensive in-house engineering group that designs, fabricates and tests specialty machine and tool components. PGI was instrumental in developing, demonstrating, and operating the first full-scale remotely operated system for cleaning radioactive waste from large underground storage tanks for the Department of Energy.
    PGI had revenue of $5.4 million and operating income of approximately $1.1 million for the twelve months ended June 30, 2000.
    Steven Merker, Chairman and Chief Executive Officer commented, "PGI is a perfect complement to the Critical Components Division. PGI provides accelerated growth opportunities by exploiting the manufacturing and engineering capabilities of our other Critical Companies and the introduction to an extensive customer base in the nuclear industry".