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Maxim Crane Works Holding, Inc. News

Maxim Crane Announces Merger Agreement

PITTSBURGH, May 5 PRNewswire-FirstCall — MAXIM CRANE WORKS HOLDING, INC. (OTC: MXMC.PK) ("Maxim Crane Works") today announced that it has entered into a Merger Agreement with affiliates of Platinum Equity Capital Partners II, L.P. ("Platinum Equity") by which Platinum Equity will acquire for cash all of the outstanding common stock of Maxim Crane for $42.50 per share. Holders of Series A and Series B Warrants to acquire Maxim Crane common stock will receive the difference between the exercise price of their Warrants and $42.50 per share. The transactions contemplated by the Merger Agreement require the approval of a majority of the outstanding shares of Maxim Crane common stock. Maxim Crane will announce the record date, time and place of the meeting of stockholders to be called to approve the Merger Agreement in a subsequent release. The parties contemplate the closing of the transaction will occur by June 30, 2008, but in any event no later than August 20, 2008.

In addition to Maxim Crane stockholder approval, the transaction is subject to expiration of the waiting period under the Hart-Scott-Rondino Act and other customary conditions, including no material adverse change in the Company's business, financial condition, or results of operations. There is no financing condition. The Board of Directors of Maxim Crane is recommending that the stockholders of Maxim Crane approve the transaction.

The Board of Directors was advised by Goldman, Sachs and Co. and Latham & Watkins LLP. Platinum Equity was advised by Wachovia Securities and Bingham McCutchen LLP.

About Maxim Crane Works: Maxim Crane Works, the nation's leading coast- to-coast, full-service crane rental company, currently operates over 35 branch offices in six regions. Maxim specializes in the rental and sale of cranes and other ancillary equipment. With Maxim's expansive resource network, each branch has the capability to provide management, rigging engineering and outsourcing, making Maxim's product and service offerings the most comprehensive in the industry. More information about Maxim can be found on the company's website at www.maximcrane.com.

About Platinum Equity: Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, metals services and distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has completed more than 80 acquisitions with more than $24 billion in aggregate annual revenue at time of acquisition.

Safe Harbor for Forward-Looking Statement: This press release contains statements that are not historical facts and constitute projections, forecasts or forward-looking statements. In addition, we or others on our behalf may make forward-looking statements from time to time in oral presentations, including telephone conferences and/or web casts open to the public, in press releases or reports, on our Internet web site or otherwise. Statements that are not historical are forward looking and reflect expectations and assumptions. These statements may be identified by the use of forward-looking words or phrases such as "intend," "plan," "may," "will," "project," "estimate," "anticipate," "believe," "expect," "continue," "potential," "opportunity" and similar expressions, whether in the negative or affirmative. We cannot guarantee that we actually will achieve these plans, intentions or expectations. All statements regarding our expected financial position, dividend policy, and business and financing plans are forward-looking statements. A number of factors could cause our actual results, performance, or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. These risks and uncertainties include risks related to our business as well as general economic conditions. Holders of shares and share equivalents should not place undue reliance on the forward-looking statements, which speak only as to the date when made.

SOURCE Maxim Crane Works Holding, Inc.

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