Bandit Industries backs away from Alamo purchase offer

December 18, 2013, Remus, Mich. — Bandit Industries has
announced that the company will remain privately owned, in the hands of current
owners Jerry Morey, Mike Morey Sr. and Dianne Morey. The three have elected to
turn down the offer from Alamo Group Inc., negating Alamo’s pending acquisition
of Bandit.

“Alamo is an exceptional company and we are very honored that
they’ve shown such an interest in Bandit and our corporate culture,” said
Bandit Industries President Jerry Morey. “We share many common ideas and
visions, and we are grateful for the relationships we’ve built. Ultimately, we
decided the best future for Bandit and our 400 employees at this time was to
remain a private company.”

2013 has been another record sales year for Bandit
Industries. The company recently completed a factory expansion of approximately
20,000 square feet, with additional expansions already in the works. The
company’s dealer network in the United States and abroad is also expanding, and
with demand for Bandit wood processing equipment at an all-time high, the
company continues to hire new employees at all levels.

“When we first announced that we were considering offers to
sell Bandit, myself, Mike Morey Sr. and Dianne Morey said that we would only
sell if it was the right fit,” said Jerry Morey. “Taking care of our employees
and our dealer network, continuing to support our mid-Michigan community and
maintaining the Bandit legacy we built over the last 30 years; these are things
we cannot put a price on. Bandit Industries is stronger than ever because of
our employees, the hard work from our dealers, and our basic business model of building
reliable equipment and taking care of our customers. We will continue to
explore options for a potential sale of the company while sticking to these
basic truths that form the core of Bandit Industries.”