Italian Court Approves Sale of CVS Assets to Manitex International, Inc.

Manitex International, Inc. MNTX today announced that its Italian subsidiary, CVS Ferrari srl, had received Italian Court approval to acquire certain assets of CVS SpA under the Italian bankruptcy law. The acquisition cost of acquired assets and the assumption of certain miscellaneous liabilities totals $5.1 million payable in installments over a three year period without interest. Final documentation and completion of the purchase is anticipated to be completed in the coming weeks and will mark another important step in the Company's global expansion plans into attractive international markets. Since July 2010, Manitex International, through its subsidiary CVS Ferrari srl, has been utilizing certain assets of CVS SpA in Liquidation under a rental agreement approved through the Italian bankruptcy process, Concordato Preventivo. Recently, the Court responsible for the liquidation of the CVS SpA assets approved the final liquidation plan for CVS SpA, which includes the purchase by Manitex International's subsidiary, CVS Ferrari srl, of drawings, designs and certain manufacturing assets for approximately $4.4 million. Additionally, CVS Ferrari srl assumed certain miscellaneous liabilities of approximately $0.75 million associated with the transaction for a total consideration of $5.1 million payable, without interest, over a three year period. No other historical liabilities of CVS SpA, such as debt, contracts or employee liabilities are being assumed and CVS Ferrari srl intends to continue to operate in Cadeo, Italy.