Hoshizaki America, Inc. acquires Lancer Corporation

06/02/06 Lancer Corporation has announced the completion of the acquisition of Lancer Corporation by Hoshizaki America, Inc.

On October 18, 2005, Hoshizaki America, Inc. entered into a merger agreement with Lancer Corporation to acquire Lancer Corporation for a purchase price of approximately $215.0 million in cash to stockholders. Under the terms of the merger agreement, Lancer Corporation stockholders are entitled to receive $22.00 per share in cash, without interest.

Lancer Corporation stock ceased trading on the American Stock Exchange and will be delisted. As soon as practicable, a paying agent appointed by Lancer Corporation will send information to all Lancer Corporation stockholders of record, explaining how they can surrender Lancer Corporation stock in exchange for $22.00 per share in cash, without interest. Stockholders of record should await this information before surrendering their shares. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted to cash, since these conversions will be handled by the bank or broker.

Hoshizaki America, Inc. is a subsidiary of Hoshizaki Electric Co. Ltd. Hoshizaki Group is one of the world's largest manufacturers of commercial kitchen equipment, employing approximately 8,000 people with sales of $1.4 billion. Hoshizaki operates six plants in Japan, two in the United States, and one in England. Also, Hoshizaki owns sales subsidiaries in the Netherlands, Singapore, and China. From these locations, Hoshizaki distributes commercial kitchen equipment worldwide.

Lancer Corporation is a leading innovator, manufacturer and marketer of beverage dispensing systems serving customers worldwide. Headquartered in San Antonio, Texas, Lancer also maintains facilities in Mexico, Australia, Belgium, New Zealand and the United Kingdom. Lancer is a vertically integrated manufacturer that employs approximately 1,200 people. Lancer designs and manufactures a complete range of fountain soft drink dispensers, dispensing valves, beer dispensing equipment, and an extensive line of beverage dispensing parts and accessories, which are marketed through a network of Company sales representatives and authorized distributors.

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