19th November 2007

Dear Sirs,

After 21 happy years as Directors and owners of  PBW Metal Products Limited, Veronica and I have decided to retire and this announcement is to advise you of the recently completed sale of all manufacturing plant and equipment to RIMSA SA in Barcelona, Spain.  It is intended that the PBW company and its operation at Rochdale will cease on 31 January 2008.

Arrangements have been made for all current commitments against firm orders to be honoured in full and, if further stocks are required, every effort during December will be made to manufacture these against firm orders with shipments latest in early January 2008.

It is anticipated that the technical staff will fully support the plant transfer during and after the transition period and it is envisaged that Stephen Glynn will be employed in a new sales/management and technical role within the RIMSA organisation.

We are confident that these changes will result in RIMSA, who are a stable and committed supplier to the Friction Industry, being in an improved position to assist further with all requirements for METAL CHIPPINGS, FIBRES, POWDERS and other products.  They have equally demonstrated over the last 20 years a quality ethic within their company on all technical and manufacturing techniques as well as being a global supplier for a large range of products.

We should like to thank all our customers, suppliers and friends for their loyal support and association together throughout the many years - it has been very much appreciated.

Yours sincerely,