| Press Release
XMS Industrial Announces New Ownership,
Name Change
(TEMPE, Ariz., Feb.10, 2003) - XMS Industrial, a provider
of aftermarket replacement parts for the draglines and electric
shovels used in the global surface mining industry, has been
acquired by Colesco, LLC. Details of the transaction were
not disclosed.
Colesco, LLC is an independent finance group, with a primary
focus on manufacturing, based in Southern California.
XMS Industrial, a privately held company most recently
known by the name XMS Industrial, has a long history in this
industry, serving surface mining companies throughout the
world. XMS Industrial primarily repairs, rebuilds and
re-engineers parts for the massive equipment used in mining
operations.
"We are very pleased to announce the completion of this
acquisition of XMS Industrial for two reasons,"
explained Wilson Hart, Principal of Colesco. "First,
because of XMS Industrial' well-deserved reputation
of excellence within the industry, and second, because we
are excited about its tremendous potential for future growth.
"Because the existing management team of XMS Industrial has a depth of knowledge that is key to the company's
success, we have made certain to keep this team in place.
Steve Head, from the former company will continue to direct
the operations of our company," Hart added
With new ownership in place, XMS Industrial now has
financial resources previously unavailable to the company.
An expanded sales and marketing program is now being initiated
designed help XMS Industrial capture larger market share.
In addition, the new financial resources will enable XMS Industrial
to increase global field-service operations.
About XMS Industrial
XMS Industrial has a long history in enhancing dragline
and shovel replacement parts for longer life and improved
productivity. The company is a leading manufacturer of re-engineered
replacement parts for dragline and shovel equipment used in
the global surface mining industry. The company's headquarters
and manufacturing facility are located in Tempe, Ariz.
Media Contact: Emily Curci, Hilary Kaye Associates Inc.
ecurci@hkamarcom.com
(714) 426-0444.
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