Exhibit 99.1

  Peerless Concludes ABCO Acquisition

  February 28, 2000 10:25 AM
  DALLAS, Feb. 28 /PRNewswire/ -- Peerless Mfg. Co. PMFG , a designer and
  manufacturer of environmental protection  equipment and separation  and
  filtration equipment used in  the electric utility, petroleum,  natural
  gas and petrochemical industries,  announces the successful  conclusion
  of  the  acquisition  of  substantially  all  of  the  assets  of  ABCO
  Industries, Inc. ABCO, which Peerless purchased for $1.7 million,  will
  be a subsidiary  of Peerless Mfg.  Co. and will  operate as a  separate
  division. ABCO has  been a successful  and well  respected supplier  of
  quality fire-tube  and  water-tube  packaged boilers  for  many  years.
  Sherrill Stone, chairman of Peerless,  says that this acquisition  will
  serve primarily  to provide  the  added engineering  and  manufacturing
  capacity  to  meet  current  demands  from  the  rapid  growth  of  its
  environmental products. Peerless  also anticipates added  opportunities
  with this acquisition for revenue growth as it intends to continue  the
  core boiler business of ABCO.