Prattville Mayor Jim Byard Reacts to Continental Eagle Announcement

Jamie Hatfield, 334-361-3609

DATE: December 15, 2009

I met this afternoon with Continental Eagle CEO Roger Fermon, and Bill Goodwin, Continental’s CFO regarding the company’s announcement of its international partnership with Bajaj Steel Industries, Ltd. While some jobs in Prattville will be phased out over the next year, I am pleased that Continental Eagle’s Research and Development, as well as Sales and Marketing Departments, will remain in Prattville.

In 1988 there were approximately 1600 cotton gins in America, while today, just over 20 years later; there are just over 700 gins. Due to technological advancements, more cotton is ginned today by 50% less gins. Last year, cotton producing acreage in our country decreased by an estimated 50%. This information clearly illustrates what the management of Continental has struggled to overcome in an effort to stay afloat.

I am confident that today’s announcement will allow the legacy, and the company, that our founder Daniel Pratt started in 1832, to remain the same. Further it allows the company’s family ownership to remain the same, and positions Continental Eagle to continue meeting the needs of their customers.