[NTIACNews]NDE Industry News-CONAM Inspection Acquired

[Chris R. Coughlin]

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Hello All,

Earlier this month CONAM Inspection, formerly of Staveley, reached an 
agreement to be acquired by MISTRAS Holdings Corporation, parent company 
of Physical Acoustics.  All three companies were featured in our March 
2003 Newsletter article concerning consolidation in the NDE industry.

The complete press release is attached as a text file; for more 
information contact Vicki Mulherin of Staveley Services North America 
Inc., 630-681-0008; or Lee Moyer of MISTRAS Holdings Corporation, 
609-716-4038.

Regards,
Chris


-- 
Chris Coughlin | NTIAC | 415 Crystal Creek Drive | Austin TX 78745
512.263.2101x227 | 800.684.2239 | FAX 512.263.3530
ccoughlin@ntiac.com | http://www.ntiac.com

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CONAM Inspection Reaches Agreement to Be Acquired by MISTRAS Holdings Corporation

    GLENDALE HEIGHTS, Ill., and PRINCETON JUNCTION, N.J., July 11 
-- CONAM Inspection, a quality assurance, quality control and training
services provider, and core business unit of Staveley Services North America
Inc., today announced it has entered into an agreement to be acquired by
MISTRAS Holdings Corporation, a provider of leading-edge technology, equipment
and services for nondestructive testing and predictive maintenance, such as
advanced acoustic emission, ultrasonics, eddy current, vibration monitoring
and resistivity systems.  The parties expect to close the transaction by the
end of July 2003.
    "Though CONAM Inspection has always been an important element of the
Staveley family, I'm confident this acquisition is just what the division and
Staveley entity need to meet strategic objectives for future growth," said Tom
Sliva, President, Staveley Services North America Inc. "With its advanced NDT
technology, MISTRAS Holdings Corporation will accelerate CONAM's growth in the
nondestructive testing sector and provide CONAM with the technology and
resources to become a market leader in the vast market for asset management
services."
    "We are excited to have CONAM Inspection join the MISTRAS Holdings
Corporation team, and I can't think of a better fit as we begin to look ahead
at the expansion of our company worldwide," stated Dr. Sotirios Vahaviolos,
President & CEO, MISTRAS Holdings Corporation. "With the leadership and
stature that come with the CONAM name, coupled with the leading technology of
MISTRAS, we can offer customers the assurance that their testing requirements
are being managed by two industry leaders with the know-how and expertise that
is backed by over 55 years of combined nondestructive testing experience."

    About CONAM Inspection
    For nearly 40 years, CONAM's highly trained quality control and quality
assurance experts have provided safer and more productive work environments
through state-of-the-art technologies to the refining, power generation,
process control and aerospace industries. With 10 accredited laboratories and
over 750 quality control experts nationwide, CONAM Inspection remains the
fastest growing company in the industry. Visit http://www.conaminsp.com .

    Staveley Services North America Inc. (SSNA) is a privately held
multi-million dollar quality control services provider with operations
throughout the U.S. and Canada. Staveley Services combines top market leaders
in the testing and analysis sector: Staveley Services Materials Testing, CTC
Analytical Services, Staveley Services Engineering and Staveley Services
Canada Inc. With technicians, engineers, chemists, metallurgical and quality
control experts servicing over 20 different industries, Staveley Services
North America, Inc. is recognized as a leading operating entity in the
industry. Visit the company's Web site at http://www.staveleyna.com .

    About MISTRAS Holdings Corporation
    MISTRAS Holdings Corporation develops, manufactures and employs leading-
edge technologies for nondestructive testing and predictive maintenance, such
as advanced acoustic emission, automated ultrasonics, eddy current, vibration
monitoring and resistivity systems.  In addition, it provides on-line asset
management systems and services that employ Internet-based data acquisition
and real-time assessment to monitor equipment and components in the world's
industrial & public infrastructure.
    MISTRAS Holdings Corporation has four subsidiaries in the U.S.:  Physical
Acoustics Corporation (PAC), NDT Automation, Vibra-Metrics and Quality
Services Laboratories (QSL Plus), Inc. and trades worldwide under the name of
"Physical Acoustics" with 9-subsidiaries. Visit the company's Web site at
http://www.mistrasholdings.com .

    CONTACT:  Vicki Mulherin of Staveley Services North America Inc.,
630-681-0008; or Lee Moyer of MISTRAS Holdings Corporation, 609-716-4038





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