MITY Mity Enterprises (MM)

MITY Enterprises Inc. (Nasdaq: MITY), a designer, manufacturer and marketer of a variety of institutional furniture, today announced that it has repurchased 344,150 shares of its outstanding common stock held by certain directors and affiliates of the company. As a result, the company retired over 9 percent of its outstanding shares without reducing the shares available in the public float. The repurchase, which occurred on Wednesday, Aug. 9, was completed through privately negotiated transactions at a purchase price of $17.40 per share. This buyback is part of the previously approved repurchase of the company's common stock from time to time in open market and negotiated or block transactions, including potential repurchases from shareholders who are directors of the company. The company still has approximately 140,000 shares available for purchase through the stock repurchase plan announced earlier this month. Following yesterday's repurchase, the company has approximately 3.4 million shares of common stock outstanding. The company repurchased shares from the following directors and affiliates: -0- *T Ownership Ownership Number of Shares before after Director/Affiliate to be Repurchased Repurchase Repurchase ---------------------------------------------------------------------- Ralph Crump, Director 100,200 2.9% 0.0% ---------------------------------------------------------------------- Marjorie Crump, Affiliate(1) 100,200 2.9% 0.0% ---------------------------------------------------------------------- Constance Crump, Affiliate(2) 103,750 3.9% 0.7% ---------------------------------------------------------------------- Peter Najar, Director 40,000 4.2% 2.8% ---------------------------------------------------------------------- Total as a group 344,150 13.8% 3.5% ---------------------------------------------------------------------- *T (1) Marjorie Crump is the wife of Ralph Crump. (2) Constance Crump is the daughter of Ralph Crump and the spouse of Peter Najar. "We are grateful to Ralph for the many years of service that he has given to MITY," said Gregory L. Wilson, chairman of the board of directors of MITY Enterprises. Wilson added, "Since Mr. Crump's original investment in MITY in 1988, he has been a wonderful mentor and contributor to our organization. At 82 years old, he is beginning to transition into retirement and would like to reduce his commitments. However, he will continue to serve as both a board member and mentor during a transition period. Peter still remains a significant shareholder and remains committed as a valuable member of our board. The Crump Group provided the original angel capital that funded the startup phase of our business. They have held onto these shares for over 18 years. MITY will be forever grateful for their foresight and support and the risk they took to fund what has now become a very successful company." Founded in 1987, MITY Enterprises Inc. designs, manufactures and markets innovative institutional furniture created to meet the efficiency needs of its customers. MITY Enterprises focuses on providing premium quality institutional furniture products to niche markets. The product lines consist of multipurpose room furniture and health care seating. MITY's products are marketed under the Mity-Lite, Broda and Versipanel tradenames. Headquartered in Utah, MITY Enterprises serves national and international customers directly and through distributors. For further information, visit MITY Enterprises online at www.mityinc.com.