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                                  FOR:  QUIXOTE CORPORATION

                              CONTACT:  Daniel P. Gorey
                                        Chief Financial Officer
                                        Joan R. Riley
                                        Director of Investor Relations
                                        (312) 467-6755
FOR IMMEDIATE RELEASE
                              CONTACT:  Investor  Relations:
                                        Hulus Alpay/Jack Cohen
                                        Morgen-Walke Associates
                                        (212) 850-5600


                  QUIXOTE CORPORATION ANNOUNCES ACQUISITION OF
                              SURFACE SYSTEMS, INC.

         CHICAGO, IL, August 30, 2001-- Quixote Corporation (Nasdaq:QUIX)
announced today that its wholly-owned subsidiary, Quixote Transportation
Safety, Inc., has acquired the stock of Surface Systems, Inc. ("SSI"), a
manufacturer of patented pavement sensing equipment, specialized weather
forecasting stations and proprietary weather forecasting software for
approximately $11.5 million in cash. SSI, based in St. Louis, Missouri, is
the leader in manufacturing and developing Road and Runway Weather
Information Systems ("RWIS"). The Company had approximately $9 million in
revenue during its fiscal year ended June 30, 2001. SSI's current management
will continue to manage the Company, and its operations will remain in St.
Louis. The acquisition is expected to be modestly accretive to Quixote's
earnings in fiscal 2002.

         Founded in 1972, Surface Systems Inc. (www.ssiweather.com),
introduced the first pavement sensor in the United States and has grown into
the premier provider of Roadway and Runway Weather Information Systems in the
United States with more than 90% market share in those markets. The RWIS is
used to collect pavement and weather information that enhances the ability of
government agencies and airports to make critical decisions including when
and where to plow and salt roads, and whether or not to close runways. SSI's
RWIS, the only North American-made system that is FAA-approved, integrates
sophisticated, proprietary in-ground road sensors with above ground
atmospheric sensors, which results in highly accurate weather information
gathering capabilities. SSI has a staff of meteorologists skilled in

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using SSI's sophisticated software to provide weather forecasting services
utilizing the data gathered by its RWIS Systems. Most of the airports and
about 30% of the highway departments in the United States utilize these
forecasting services in conjunction with purchasing the RWIS equipment.

         Leslie J. Jezuit, Quixote's Chairman and Chief Executive Officer,
commented, "We are extremely pleased to announce the acquisition of Surface
Systems, Inc. By acquiring the North American market leader in advanced
roadway sensing equipment, we have further solidified our premier position in
the Intelligent Transportation Systems ("ITS") market. We see great synergies
between SSI's products and our wireless sensors, highway advisory radio and
variable message sign product lines. We expect to expand the sales of both
Quixote's and SSI's products by leveraging our extensive marketing, sales and
distribution capabilities. We strongly believe that SSI's leading market
share in the RWIS market, nearly 30 years of experience, and approximately
1,800 systems in place nationwide, will provide Quixote with an enormous
opportunity to integrate a number of our products, including our
state-of-the-art FreezeFree(TM) anti-icing system, variable message signs and
smart work zone systems.

         Mr. Jezuit concluded, "As roadway safety and monitoring grow
increasingly more sophisticated, we remain committed to developing and
acquiring other new and innovative technologies that will further position
Quixote as the leader in highway safety both in the United States and abroad."

         Quixote Corporation, (www.quixotecorp.com), through its wholly-owned
subsidiary, Quixote Transportation Safety, Inc., is the world's leading
manufacturer of energy-absorbing highway crash cushions, electronic wireless
measuring and sensing devices, computerized highway advisory radio
transmitting systems, electronic variable message signs, flexible post
delineators and other highway safety products.

         SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS
SET FORTH IN THIS NEWS RELEASE ARE FORWARD-LOOKING STATEMENTS. THE
FORWARD-LOOKING STATEMENTS SET FORTH ABOVE INVOLVE A NUMBER OF RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY
SUCH STATEMENT, INCLUDING THE RISKS AND UNCERTAINTIES DISCUSSED IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR ITS FISCAL YEAR ENDED JUNE 30, 2000,
UNDER THE CAPTION "FORWARD-LOOKING STATEMENTS" IN MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, WHICH DISCUSSION
IS INCORPORATED BY THIS REFERENCE.

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