T.J.T. Inc. announces proposed acquisition of Bradley Enterprises

Business Wire, May 15, 1996

EMMETT, Idaho--(BUSINESS WIRE)--May 15, 1996--T.J.T. Inc. (NASDAQ Smallcap Market: AXLE), a supplier of repaired and reconditioned axles and tires to the manufactured housing industry, announced today that it plans to acquire a firm with annual sales of $12 million which will double its size.

T.J.T. has entered into a letter of intent to acquire Bradley Enterprises Inc. located in Centralia, Wash., for $500,000 in cash and 940,000 shares of T.J.T.'s common stock. Bradley Enterprises is T.J.T.'s largest direct competitor in the repairing and reconditioning of axles and tires used to transport manufactured housing units to home sites. The firm operates primarily in Washington, Oregon and northern California.

"The combination of the two companies should result in significant economies of scale and improved profit margins for the company," said Terrence J. Sheldon, T.J.T.'s president and chief executive officer. "It will also make T.J.T. the largest axle and tire repair and reconditioning company for the manufactured housing industry in the western United States." For the fiscal year ended Sept. 30, 1995, T.J.T. had net sales of approximately $12.3 million and earnings of approximately $248,000.

The acquisition of Bradley Enterprises' facilities in Centralia will complement T.J.T.'s existing facilities in Emmett and Salem, Ore., and allow the company to further expand its market reach, according to Sheldon. "The initial public offering of our common stock in December 1995 gives us the financial strength to grow through acquisition as well as by opening new facilities in other parts of the West," he said. "We see opportunity for further expansion in this large, fragmented industry."

Closing of the transaction is subject to a number of conditions including due diligence and obtaining certain approvals.

In addition to its repair and reconditioning business, T.J.T. distributes vinyl and steel siding primarily to the constructed or "site-built" housing market and supplies skirting and other aftermarket accessory products to manufactured housing dealers.

CONTACT: T.J.T. Inc.

Terrence J. Sheldon, 208/365-5321

or

in.ves'com

Dolores Chenoweth, 503/291-1924