ABOUT US

Pensler Capital Corporation is a private investment group which provides capital, management expertise and financial assistance to a broad spectrum of industries. Managed by its general partner, Sanford Pensler, the firm capitalizes on the unique and varied expertise of its principals who have many years of experience in providing investment banking services to expanding companies. Well versed in the areas of mergers and acquisitions, we have worked on transactions totaling over $35 billion in value and will also consider assuming control of enterprises with valuations of greater than $15 million. See Directory of Holdings*.

Pensler Capital seeks investment opportunities in a wide variety of industries, both domestically and internationally, with a particular focus on corporations in the manufacturing industries. Our preference is to review enterprises with a total value of $20-$250 million and to avoid situations that are driven by fashion. Unlike most buyout groups, Pensler Capital Corp., because it is investing for its principals rather than for a fund, has no limitations on how much of its equity it can put in any one transaction.

We will review any opportunity in a confidential and timely manner. We have and will continue to provide preliminary indications of interest within 10 business days from receipt of descriptive materials and financial information.

* includes companies held directly by the principal of Pensler Capital Corp.

*Pensler Capital Corp makes acquisitions and then participates out its equity stakes to a small group of investors.

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COMPANY CHARACTERISTICS

Pensler Capital utilizes a variety of measures to evaluate the merits of each investment opportunity. Although each company and situation is unique, some of the major parameters we utilize in selecting and operating companies are:

Top Management -- The opportunity of continued involvement by senior management is available, although Pensler Capital's broad network is capable of locating top managers, if necessary.
Middle Management -- We have a preference for strong middle management
Capital Structure -- The firm's existing capital structure is irrelevant and we will consider restructuring situations.
Profitability -- We require the company to be profitable at the gross margin level. Operating profits are preferred but not required.
Market Share -- We prefer that a company have a reasonable share in its particular niche market.
Assets -- We prefer situations in which capital expenditures have not been deferred and there are substantial assets.
Quality -- We prefer that the company have a reputation for quality within its industry segment.

We meet with several candidates every year, but only select a handful to invest in. If you happen to think you have an idea that could potentially disrupt the market, schedule a meeting and let us know all about it.

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GENERAL PARTNER

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SANFORD PENSLER

Sanford Pensler, President of Pensler Capital Corporation, has devoted most of his professional career to the valuation of assets and to performing in the market for corporate control. At Dillon Read, now UBS, Mr. Pensler was an investment banking partner in corporate finance specializing in mergers and acquisitions. He has advised many leading companies on valuing, financing, negotiating, and closing the purchase or sale of various companies and assets. Mr. Pensler has served as an advisor to Chrysler, Sprint, Norfolk Southern, Bell South, CS First Boston, TJX, HCR Manor Care, Manpower, Grumman, Doubleday, PHM, Pall Corp., Navistar, Katy Industries, Scholastic, General Electric and many other leading corporations. He now uses his extensive industry knowledge to grow the company's current holdings and to add opportunities to the portfolio of Pensler Capital.

Mr. Pensler's experience in corporate finance led to his appointment to the economics faculty of Yale University, where he created and used to teach the course "The Market for Corporate Control."

Mr. Pensler is a graduate of Yale College with bachelor degrees in chemical engineering and economics and a master's degree in economics, and holds a law degree from Harvard Law School.

COMPANY CHARACTERISTICS

Top Management -- The opportunity of continued involvement by senior management is available, although Pensler Capital's broad network is capable of locating top managers, if necessary.
Middle Management -- We have a preference for strong middle management
Capital Structure -- The firm's existing capital structure is irrelevant and we will consider restructuring situations.
Profitability -- We require the company to be profitable at the gross margin level. Operating profits are preferred but not required.
Market Share -- We prefer that a company have a reasonable share in its particular niche market.
Assets -- We prefer situations in which capital expenditures have not been deferred and there are substantial assets.
Quality -- We prefer that the company have a reputation for quality within its industry segment.

DIRECTORY OF CURRENT HOLDINGS

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THE KOREX COMPANIES

The Korex Companies are North American leaders in custom manufacturing. We manufacture any type of dry chemical product and also rewind food wrap film. Korex has over 45 years of contract manufacturing experience that has involved a wide range of processing, filling, and packaging operations. We manufacture and package for virtually all major marketers of powdered consumer products. We are also the largest contract manufacturer of automatic dishwashing detergent in North America.

Website: www.korex-ca.com