MFRI Reports Sale of Assets of Thermal Care, Terms Not Disclosed

MFRI, Inc.

announced today the signing of a definitive agreement to sell the domestic assets of its subsidiary, Thermal Care, Inc. to IPEG, Inc. The transaction is scheduled to close on April 30, 2013, subject to customary closing conditions. Thermal Care, Inc. designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in plastic processing and general industrial process applications. In the year ended January 31, 2013, Thermal Care sales represented approximately 16% of MFRI, Inc.'s total sales. MFRI, Inc. plans to release its operating results for its fiscal year ended January 31, 2013 next week.