Universal Trailer, the Nation's Largest Specialty Trailer Company, Completes Merger with Featherlite, Inc.

  
    
  
  
    
      Universal Trailer Holdings Corp. (UTC) has announced that one of its 
      subsidiaries has completed its merger with Featherlite, Inc. 
      (Nasdaq:FTHR), and Featherlite has become a wholly-owned subsidiary of 
      UTC. With the closing, Featherlite, a major American aluminum trailer 
      manufacturer with a network of over 220 dealers in the U.S., Canada, 
      Australia and Europe, joins UTC’s family of 
      brands.
    
    
      Under the terms of the merger agreement, Featherlite shareholders will 
      receive $6.50 in cash for each outstanding share of Featherlite common 
      stock. UTC has appointed Bank of New York as the paying agent for 
      payment of the merger consideration. The paying agent will promptly 
      distribute letters of transmittal to Featherlite shareholders with 
      instructions regarding the surrender of their stock certificates for 
      payment of the merger consideration. Shareholders do not need to take 
      any action regarding their shares until contacted by the paying agent. 
      As a result of the merger, shares of Featherlite common stock will cease 
      trading on NASDAQ at the close of business today and Featherlite will be 
      de-registered with the Securities and Exchange Commission.
    
    
      Additionally, the assets of Featherlite’s 
      luxury motor coach division have been sold to, and its liabilities 
      assumed by, Featherlite Coaches, Inc., a newly-formed company controlled 
      by Conrad Clement, Tracy Clement and Bulk Resources, Inc.
    
    
      Tom Frey, president and chief executive officer of Universal Trailer, 
      stated, “We are pleased to welcome Featherlite 
      to Universal Trailer’s family of brands. With 
      Universal’s goal of offering best value across 
      a broad range of price points, the Featherlite acquisition is a terrific 
      strategic fit, expanding Universal’s reach 
      into new market segments and price points. It rounds out our good, 
      better, best product offer with a multi-brand strategy.”
    
    
      Universal Trailer expects to retain the existing Featherlite trailer 
      manufacturing locations and dealer network.
    
    
      Besides Featherlite, UTC is home of Haulmark, Sooner, Exiss and Miley 
      trailer brands. Haulmark is the leading car, utility and adventure 
      trailer brand. Sooner, Exiss and Miley brands serve the growing horse 
      and livestock trailer market. Haulmark Motorized, a heavy-duty line of 
      specialty recreational vehicles with living quarters, is also part of 
      UTC.
    
    
      In acquiring Featherlite, UTC brings into its group the official trailer 
      of NASCAR® and five other motor sports 
      sanctioning bodies and tracks, the official sponsor of major horse and 
      livestock events and organizations, a robust race and mobile marketing 
      transporter segment, as well as Featherlite equine, livestock, car, 
      recreation and commercial trailer categories.
    
    
      UTC’s Featherlite offices and manufacturing 
      facilities are located in Cresco, Iowa. The Featherlite STL steel 
      trailer manufacturing plant is located in Shenandoah, Iowa.
    
    
      Universal Trailer is the largest specialty trailer manufacturer in North 
      America. It produces a broad selection of cargo, horse, livestock, motor 
      sport, snowmobile, ATV, motorcycle, concession, custom and specialty 
      trailers. Its brands — Haulmark, Exiss, 
      Sooner, Featherlite and Miley — are signposts 
      on the Road to Value. Universal Trailer Corporation is headquartered in 
      Cincinnati and has 10 manufacturing locations across North America. For 
      more information, visit www.universaltrailer.com 
      or contact Universal Trailer Corporation, 11590 Century Blvd., Suite 
      103, Cincinnati, Ohio 45246, or call [phone].
    
  
Universal Trailer Holdings Corp. (UTC) has announced that one of
its subsidiaries has completed its merger with Featherlite, Inc.
(Nasdaq:FTHR), and Featherlite has become a wholly-owned subsidiary of
UTC. With the closing, Featherlite, a major American aluminum trailer
manufacturer with a network of over 220 dealers in the U.S., Canada,
Australia and Europe, joins UTC's family of brands.

   Under the terms of the merger agreement, Featherlite shareholders
will receive $6.50 in cash for each outstanding share of Featherlite
common stock. UTC has appointed Bank of New York as the paying agent
for payment of the merger consideration. The paying agent will
promptly distribute letters of transmittal to Featherlite shareholders
with instructions regarding the surrender of their stock certificates
for payment of the merger consideration. Shareholders do not need to
take any action regarding their shares until contacted by the paying
agent. As a result of the merger, shares of Featherlite common stock
will cease trading on NASDAQ at the close of business today and
Featherlite will be de-registered with the Securities and Exchange
Commission.

   Additionally, the assets of Featherlite's luxury motor coach
division have been sold to, and its liabilities assumed
by, Featherlite Coaches, Inc., a newly-formed company controlled by
Conrad Clement, Tracy Clement and Bulk Resources, Inc.

   Tom Frey, president and chief executive officer of Universal
Trailer, stated, "We are pleased to welcome Featherlite to Universal
Trailer's family of brands. With Universal's goal of offering best
value across a broad range of price points, the Featherlite
acquisition is a terrific strategic fit, expanding Universal's reach
into new market segments and price points. It rounds out our good,
better, best product offer with a multi-brand strategy."

   Universal Trailer expects to retain the existing Featherlite
trailer manufacturing locations and dealer network.

   Besides Featherlite, UTC is home of Haulmark, Sooner, Exiss and
Miley trailer brands. Haulmark is the leading car, utility and
adventure trailer brand. Sooner, Exiss and Miley brands serve the
growing horse and livestock trailer market. Haulmark Motorized, a
heavy-duty line of specialty recreational vehicles with living
quarters, is also part of UTC.

   In acquiring Featherlite, UTC brings into its group the official
trailer of NASCAR(R) and five other motor sports sanctioning bodies
and tracks, the official sponsor of major horse and livestock events
and organizations, a robust race and mobile marketing transporter
segment, as well as Featherlite equine, livestock, car, recreation and
commercial trailer categories.

   UTC's Featherlite offices and manufacturing facilities are located
in Cresco, Iowa. The Featherlite STL steel trailer manufacturing plant
is located in Shenandoah, Iowa.

   Universal Trailer is the largest specialty trailer manufacturer in
North America. It produces a broad selection of cargo, horse,
livestock, motor sport, snowmobile, ATV, motorcycle, concession,
custom and specialty trailers. Its brands -- Haulmark, Exiss, Sooner,
Featherlite and Miley -- are signposts on the Road to Value. Universal
Trailer Corporation is headquartered in Cincinnati and has 10
manufacturing locations across North America. For more information,
visit www.universaltrailer.com or contact Universal Trailer
Corporation, 11590 Century Blvd., Suite 103, Cincinnati, Ohio 45246,
or call [phone].