Exhibit 99.1

Contact:  Larry T. Guillemette                                 November 21, 2003
          AMTROL Inc.
          (401) 884-6300

                         AMTROL AMENDS CREDIT FACILITIES

AMTROL today announced that it has completed amendments to its senior credit
facilities that improve liquidity and revise certain covenants.

On November 18, 2003, the Company amended its senior first-priority secured
credit facility with Foothill Capital Corporation (the "Foothill Facility") by
entering into the First Amendment and Waiver to Loan and Security Agreement (the
"First Amendment") and also amended its senior second-priority secured credit
facility with affiliates of the Cypress Group L.L.C. (the "Cypress Facility") by
entering into the Second Amendment to Loan and Security Agreement (the "Second
Amendment"). The First Amendment increased Term Loan B by $15.0 million to $20.3
million and extended the maturity date of Term Loan B to December 26, 2005.
Commitments under the Revolving Credit Facility and Term Loan A were reduced in
the aggregate from $35.0 million to $30.0 million. The additional funds provided
by the First Amendment will be used for capital investment programs, general
working capital purposes and may also be used to purchase the Company's Senior
Subordinated Notes in an aggregate amount not to exceed $5.0 million. The First
Amendment also revised certain covenants to be more consistent with the
Company's business plans.

The First Amendment and the Second Amendment also give the Company the right,
through December 31, 2003, to exchange additional new debt totaling $6.3 million
provided under the Cypress Facility for a portion of the Company's Senior
Subordinated Notes held by affiliates of The Cypress Group L.L.C. The Company
and or affiliates of the Company, including entities related to Cypress may
continue, from time to time, to purchase the Senior Subordinated Notes
previously issued by the Company in the open market or by other means.

The Company's obligations under the Foothill Facility and Cypress Facility
continue to be guaranteed by Amtrol Holdings Inc. and each direct and indirect
domestic subsidiary of the Company and are secured by substantially all assets
of the Company and its subsidiaries.

AMTROL is a leading international producer and marketer of flow and expansion
control products, water heaters and cylinders for a variety of gases. The
Company's major products include pressure tanks used in water well, hydronic
heating and potable hot water applications, indirect-fired water heaters, and
both LPG and disposable refrigerant gas cylinders. Products are marketed under
the Well-X-Trol, Extrol, Therm-X-Trol and BoilerMate brand names. AMTROL is a
wholly owned subsidiary of AMTROL Holdings, Inc. which is controlled by Cypress
Merchant Banking Partners, L.P. and Cypress Offshore Partners, L.P., private
equity funds managed by the Cypress Group L.L.C.