News

HOUSTON, TX – February 21, 2008 – HMT Inc. today announced that it has entered into a definitive agreement to merge with Pasadena Tank Corporation, a leading provider of engineering, fabrication, construction and maintenance services for aboveground storage tanks (ASTs) in the petrochemical industry. Pasadena Tank is headquartered in Houston, TX. Terms of the transaction were not disclosed.

Founded in 1982 by Robert Block III, Pasadena Tank Corporation is a highly regarded leader in the Gulf Coast AST market as a result of its outstanding reputation for safety, quality and customer service. Robert Block III and the senior management team of Pasadena Tank have agreed to remain in their current positions and will continue to operate Pasadena Tank as a division of HMT.

“The merger with Pasadena Tank Corporation will significantly improve HMT’s operational effectiveness in new tank construction, allow us to better serve our customers, and contribute to the achievement of our long term strategic growth plan,” said Millard H. (Mil) Jones, Jr., President and CEO of HMT. “We believe that the Gulf Coast petroleum industry is vital to our nation’s energy infrastructure and that over the long term there will be a continued need for tank construction and repair services in this region.”

“This is an important and strategic transaction for our company,” said Robert Block III, owner and President of Pasadena Tank Corporation. “We have spent nearly three decades building Pasadena Tank. By joining forces with HMT, we will benefit from operational synergies, significantly increase our resources and service capabilities, and better meet the demands of our customers in the Gulf Coast and other domestic and international locations.”

Pasadena Tank Corporation is recognized as a leading provider of aboveground storage tanks for the petroleum and petrochemical industries in the Gulf Coast region, one of the largest concentrations of aboveground storage tanks in the world. For more than 25 years, Pasadena Tank has provided new tank construction and a full complement of repair and maintenance services to major oil companies and petroleum storage terminal operations worldwide.

Pasadena Tank’s full service complex in Houston provides engineering, procurement, shop fabrication, blasting and painting, construction services, project management and administration, and maintains a strong commitment to safety, quality and on time delivery. For additional information regarding Pasadena Tank Corporation please visit www.ptctanks.com.

HMT is an innovative solutions provider to the petroleum and petrochemical aboveground storage tank marketplace. HMT operates a worldwide network of field offices and manufacturing locations from headquarters just outside of Houston, Texas.

HMT provides a complete suite of products and services to all facets of aboveground storage tanks through tank inspection, maintenance and repair, fabrication, engineering and design, coating and lining, calibration, new tank construction and turnkey services. HMT tank products meet or exceed the requirements for Emission Controls under the US EPA, API and European IPPC / BREF regulations.

Chip Breitweiser, VP of Sales & Marketing will be holding a conference session on Lightning Protection of Aboveground Storage Tanks at the ILTA 2008 Conference & Tradeshow as part of the Environmental, Health, Safety and Security lineup.

Morris Kline, General Manager of Sales will be hosting a workshop on the Introduction to Tanks. This program covers the basic guidelines for design, construction, inspection, maintenance and repair of aboveground storage tanks. It also provides an overview of pertinent tank regulations.

Various types of tanks and roofs will be described, as well as tank seals and appurtenances. Gauging and overfill protection will also be addressed. Taught by HMT's industry experts, this course is ideally suited for new terminal employees. Facility personnel who want a review of aboveground storage tank fundamentals will also benefit from attending. Attendees will walk away with a broad understanding of tank technology and terminology.

Beginning in January of 2008, and throughout the year, HMT Inc. will be celebrating its 30 year anniversary in the aboveground storage tank industry.

HMT is a leading provider of products and services for the maintenance, repair and inspection of Aboveground Storage Tanks (“ASTs”), principally for the petroleum and petrochemical industries.

HMT was awarded, and we are in the process of executing a dome and IFR project for a new terminal in the Asia Pacific area consisting of 30 Geodesic domes and Aluminator roofs. The contract will be complete in early 2006. As far as we can tell, it is the largest project of its kind in the world for many years. It is the largest single product order in the history of HMT.