Smith-Midland Corp. Announces Future Warrant Price Reduction

Business Wire, August 25, 1999

MIDLAND, Va.--(BUSINESS WIRE)--Aug. 25, 1999--

Rodney Smith, President/CEO; (NASDAQ: SMIDC, SMIWC; Boston Stock Exchange: SMM, SMM/W) Smith-Midland Corporation announced that the exercise price per share of its publicly traded Redeemable Warrants will be reduced from $4.00 to $.60 on the later of September 20, 1999 or the effective date of a registration statement relating to the shares of Common Stock underlying the publicly-traded Redeemable Warrants.

The offering of the Common Stock will be made only by means of a prospectus. The expiration date of the Warrants is December 12, 2000.

Smith-Midland develops, manufactures, licenses and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities industries. Smith-Midland has two (2) manufacturing facilities located in Midland, Virginia and Reidsville, N.C.

Easi-Set Industries, a wholly-owned subsidiary of Smith-Midland Corporation, licenses Smith-Midland developed products throughout North America and in Europe and South America. Easi-Set Industries currently has 30 precast concrete product licensees worldwide.

This announcement contains forward-looking statements which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the possibility that anticipated cost savings may not be achieved, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-KSB and in other filings with the Securities and Exchange Commission.