| Date: | November 5, 2008 | |
| For Release: | Immediate | |
| Contact: | Investor Contact: | |
| | Gary J. Morgan, | Joseph Hassett, VP |
| | Senior Vice President of Finance, CFO | Gregory FCA Communications |
| | 215-723-6751, gmorgan@met-pro.com | 610-228-2110 |
Met-Pro Corporation Announces Initiation of NEW
300,000 Share Stock Repurchase Program
Harleysville, PA, November 5, 2008 – Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE:MPR), announced today that the Company’s Board of Directors, at their meeting on November 3, 2008, authorized a new 300,000 share stock repurchase program.
During the nine-months ended October 31, 2008 the Company repurchased 731,757 shares of its common stock. This represents approximately 5% of the Company’s outstanding shares as of January 31, 2008 and fully depletes the available shares under its February 2000 stock repurchase program.
Common stock purchases under this program will be made from time to time in open market transactions at the prevailing prices and in accordance with applicable rules. The Company reserves the right to discontinue this program at any time.
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized, for the third consecutive year, as one of America’s “200 Best Small Companies” by Forbes magazine. The Company was also named earlier this year as one of the world’s “Top Small to Midsize Manufacturers” by Start-It magazine for the second year in a row. Through its business units, in the United States, Canada, Europe and The People's Republic of China, a wide range of products and services are offered for industrial, commercial, municipal and residential markets worldwide. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; Mefiag filtration technologies for harsh, corrosive liquid filtration applications; and filtration and purification technologies which include proprietary water treatment chemicals and filter products for air and liquid filtration. For more information, please visit www.met-pro.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this news release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company), contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company’s website at www.met-pro.com.
