Maxim Crane Stockholders Approve Merger

June 23, 2008 • Maxim Crane Works Holdings, Bridgeville, Pa., recently announced its stockholders approved the merger agreement between Maxim Crane Works and affiliates of Platinum Equity Partners II at a special meeting held June 11, 2008. Beverly Hills, Calif.-based Platinum Equity will acquire for cash all of the outstanding common stock for $42.50 per share. Approximately 79.4 percent of the outstanding shares were represented either in person or by proxy at the special meeting, and over 75 percent of the outstanding shares were voted in favor of the merger agreement.

The parties contemplate the closing of the transaction will occur on or before June 30, 2008. Upon the consummation of the merger, all outstanding shares of Maxim Crane Works common stock will convert into the right to receive $42.50 per share of common stock in cash, without interest and less any applicable withholding taxes. Promptly following the closing, holders of Maxim Crane common stock will receive written instructions for the exchange of their share certificates for the cash consideration. Series A and Series B Warrants to acquire Maxim Crane Works common stock will automatically be cancelled in the merger. Warrant holders will receive promptly following the closing the difference between the exercise price of their Warrants and $42.50 per share, without interest and less any applicable withholding taxes.