Manitex International Announces First Sale to North America for CVS Ferrari; New Orders Valued at $1.9 Million

Manitex International, Inc. MNTX today announced a new order, valued at $1.9 million, including options for future deliveries, from the Canadian military for CVS Ferrari reach stackers. This order represents the first sale to North America for CVS Ferrari, a subsidiary of Manitex International, with manufacturing facilities near Milan, Italy. The reach stackers will be used in Canadian military logistics facilities in Quebec, and will be supported by an appointed dealer within the Manitex Liftking network. Initial deliveries are anticipated to begin in mid-2012. Stefano Mercati, General Manager of CVS Ferrari, commented, "We are delighted to receive this order from the Canadian military and are encouraged by this example of our successful leveraging of the Manitex International network across targeted markets. We believe our products will continue to see good reception as we execute our strategy to further develop and expand the markets for our specialized niche products." Mark Aldrovandi, Director of North American Sales at Manitex Liftking, added, "The Canadian military has been a valuable customer of Manitex Liftking for many years and they responded positively to the extension of the Manitex Liftking product offering with the CVS reach stacker. We look forward to continuing to provide our customers with exceptional products and service as we expand our offerings throughout North America." Earlier this month, Manitex International reported that its backlog had grown over 110% for the year of 2011, to a record $83.7 million, as the company is experiencing a heightened demand across its product lines.