SUMX Summa Industries

Summa Lists Prime Real Estate for Sale TORRANCE, Calif., March 3 /PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) announces that it has commenced marketing of a prime parcel of real estate (the "Michigan parcel"). The site comprises approximately 13.6 acres of land, including almost 1,700 linear feet of shoreline on Lake Michigan, in Charlevoix, MI. Charlevoix is a popular tourist community and a center of cultural activities in northern Michigan. The Michigan parcel is expected to generate a great deal of interest due to its potential for residential or commercial redevelopment. Preliminary proposals are expected to be received from bidders in April. As previously announced, Summa plans to sell several parcels of real estate which have or will become excess, primarily as a result of several consolidation and restructuring initiatives. Summa estimates that the sales could result in a book gain of $5 to $9 million and generate cash, net of taxes, of $9 to $14 million. The parcels will be offered for sale separately and the timing of each sale is uncertain. One small parcel in Illinois was sold in January 2005 for approximately $1 million. The Michigan parcel is believed to be the most valuable of the parcels to be offered for sale. Maximizing the sale price for the Michigan parcel will likely require rezoning and other approvals by government agencies, as the site is currently used for manufacturing. Summa has adequate alternative manufacturing facilities in the vicinity of the site offered for sale. For further information about this property, contact CB Richard Ellis at 616-831-2200. Summa Industries manufactures proprietary engineered plastic products for a broad spectrum of industrial and commercial markets. Statements in this news release which relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and fall under the safe harbor. These forward-looking statements include, but are not limited to, statements regarding the potential sale of real estate and the adequacy of near-by Company facilities. There is no certainty that adequate offers will be received to purchase the real estate, and the timing of any such sale is also uncertain. Actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including, but not limited to lack of success and/or high costs in obtaining government approvals, changes in the market for real estate developments, a decision by the Company to retain the property, changes in the cost and availability of funds and other risks and uncertainties described in detail under "Risk Factors" in Summa's Annual Report on Form 10-K for the fiscal year ended August 31, 2004. For further information, contact James R. Swartwout, (310) 792-7024; fax (310) 792-7079; ; or http://www.summaindustries.com/. DATASOURCE: Summa Industries CONTACT: James R. Swartwout of Summa Industries, +1-310-792-7024, or fax, +1-310-792-7079, Web site: http://www.summaindustries.com/

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