IES, MISCOR Announce $24M Merger Deal

Integrated Electrical Services, Inc. (NASDAQ: IESC) (“IES”) and MISCOR Group,Ltd., today announced that IES Subsidiary Holdings,Inc., a wholly owned subsidiary of IES, has entered into a definitive mergeragreement to acquire all of the outstanding common stock of MISCOR for anaggregate transaction value of approximately $24 million. For MISCORshareholders, the per share consideration will be based upon MISCOR's averagedaily debt balance over the 30-day period ending fifteen business days priorto the closing of the transaction. As of March 11, 2013, MISCOR's unauditedaverage daily debt balance over the prior 30-day period was approximately $7.2million. MISCOR anticipates that its debt balance at closing of thetransaction will be between $6.5 and $5.5 million, which would yieldconsideration of between $1.48 and $1.57 per share, a 26 to 34 percent premiumto MISCOR's 60-day trading average. The price-per-share adjustment will becommunicated to shareholders prior to the closing of the election period andis more fully described in the definitive merger agreement.