Art's Way Manufacturing Announces the Acquisition of Assets From Universal Harvester Co. for $3M Cash and 5K Shares

Art's Way Manufacturing Co., Inc.,

a leading manufacturer and distributor of agricultural machinery, equipment, and services, announces that it has completed its acquisition of assets from Universal Harvester Co., Inc. ("UHC"), of Ames, Iowa, a leader in the fabrication of reels for combines and swathers. The consideration paid in the transaction consisted of approximately $3 million in cash and 5,000 shares of Art's Way Manufacturing common stock. Art's Way Manufacturing has formed a wholly-owned subsidiary, Universal Harvester by Art's Way Manufacturing Co. This new subsidiary will be consolidated with Art's Way Manufacturing for financial reporting purposed and is expected to continue to operate out of the former UHC plant. Ardis Heidebrink, formerly the President of UHC, has been hired as the General Manager of the new subsidiary and will report to Art's Way Manufacturing Co., Inc. Chief Executive Officer, Carrie Majeski. All former UHC employees have been retained.