Manitex International, Inc. Announces $6.3 Million Order for 42 Straight Mast Cranes

GEORGETOWN, Texas, Jan. 18, 2018 -- Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized lifting equipment, today announced that it has finalized new orders totaling 42 Manitex cranes from Cropac Equipment, Inc. headquartered in Oakville, Ontario, Canada.  The new orders will be used for retail sales and rental fleet needs across Canada, which now includes Cropac’s expanded territory of British Columbia.

The orders cover a wide range of cranes with capacities from 17 to 50 tons. In total, this new purchase will add more than 1,350 tons of lifting capacity to the Cropac’s sales and rental fleet, giving customers multiple options to suit their needs. Initial shipments are scheduled for the first half of 2018, and the total value of the order is approximately $6.3 Million.

Bill Finkle, President of Cropac commented, “Cropac’s dedication to the Manitex brand is apparent with this order.  As one of North America’s largest Manitex dealer’s, Cropac is committed to our long-standing relationship of over 30 years.  Cropac’s customers trust that we will provide them with the highest quality boom trucks, that not only meet their very specific needs, but provide superior up-time giving our customers a strong ROI.  Manitex has shown that they exceed these expectations and we believe they will continue to do so in the future.”

“Cropac has represented Manitex for 30 years and is one of our original distributors.  These orders are representative of Cropac’s continued confidence in and commitment to Manitex’s products, as well as Cropac’s confidence in the strengthening crane market. And now that Cropac’s coverage includes British Columbia, Cropac will represent Manitex throughout Canada with infrastructure to provide sales and aftermarket support nationwide,” said Randy Robertson, Director of Sales and Marketing for Manitex, Inc. 

About Cropac Equipment Inc.
Founded in 1977, Cropac is a leader in crane sales and support in North America and worldwide. Headquartered in Oakville, Ontario, Canada, with branches in Quebec, Alberta, and British Columbia, the company’s knowledgeable and experienced staff, and devotion to customer service are what make this family business an international leader in the crane industry. More information on Cropac Equipment Inc. can be found at www.cropac.com.

About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom trucks, cranes, and other related industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage.  We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy.  Our brands include Manitex, PM, Badger, Sabre, and Valla.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:
This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company’s filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact:

Manitex International, Inc.
David Langevin
Chairman and Chief Executive Officer                 
(708) 237-2060
[email protected] 

Darrow Associates, Inc.
Peter Seltzberg, Managing Director
Investor Relations 
(516) 419-9915
[email protected]