RMI Completes Capital Restructuring, Positions for Increased Market Share

SANTA FE SPRINGS, CA, Oct. 23 /PRNewswire/ - Refrigerator Manufacturers, Inc.
("RMI") today announced completion of its financial restructuring and its
intention to aggressively pursue an increased share of the $350 million North
American market for custom-designed and manufactured walk-in cooler and
freezer rooms. In recent years RMI has been a leading supplier of large cooler
and freezer rooms for major U.S. entertainment destination facilities such as
hotels, casinos, theme parks and restaurants as well as public sector
facilities including prisons, schools, hospitals and military bases.
RMI Interim President Doug Gibbs disclosed that J.W. Childs, a Boston-based
private equity firm, has provided the funding to restructure the company after
its former parent sought creditor protection. J.W. Childs is now the company's
sole shareholder.
"For 63 years RMI has been a highly regarded manufacturer of high-end,
specialty walk-in cooler rooms and doors," said Gibbs. "This restructuring
ensures not only the continuation of RMI's operations but provides us with the
financial and relationship resources to more aggressively pursue an increased
share of business in our traditional sectors. As well, we are now in a
position to expand our product range by price points and to pursue sales of in
other sectors such as pharmaceutical manufacturing and specialized research
facilities."
Earlier this year RMI relocated to a new 80,000 sq. ft. manufacturing facility
to incorporate dozens of new production machines and a custom-made 140 foot
long panel press. "This enlarged capacity gives RMI the ability to make
walk-in walls of almost any height and also enables us to deliver against the
more demanding standard required by potential buyers within the broader
scientific community," said Gibbs. "At the same time, we are now able to
manufacture and market a range of lower priced walk-in coolers and freezers
for use in smaller convenience stores and restaurants."
According to Gibbs "the range of users and applications for RMI products is
sufficiently broad to ensure that the company is little impacted by swings in
the economy. We are delivering our products to clients not only across North
America but also in Dubai, Korea and Antarctica for facilities ranging from
hotels, restaurants and manufacturing operations to hospitals, schools,
mortuaries, prisons and military bases. As well, our team is generating
significant business through the sale of engineered swing doors, manual
sliding doors, power sliding doors for warehouses and a full range of
environmental chamber doors for original equipment and replacement
applications." In addition to Gibbs, the company's management team includes
Larry Jaffe, the former owner who is now responsible for Business Development,
and Jim Cook, Vice President of Sales. Remy Pantaleon, in the role of
Controller, Pedro Castaneda as Operations Manager and Tony Sandoval as Plant
Manager round out the team with more than 60 years of collective experience.

SOURCE Refrigerator Manufacturers, Inc.

Doug Gibbs, Interim President, Refrigerator Manufacturers, Inc., 13767 Freeway
Drive, Santa Fe Springs, CA, 90670, Phone: (562) 229-0500, Fax: (562)
229-0555, sales@rmiwalkincoolers.com, www.rmiwalkincoolers.com