May 20, 2005

Open Letter to all Wagner Dealers and Agents:

Dear Wagner representatives;

Summer Equipment Ltd announced today the sale of Wagner Steering division effective May 31, 2005 to Jastram of North Vancouver, manufacturers of Jastram Steering systems.  The transaction is expected to close later in June.

This business transaction will serve to merge together two of the finest names in marine steering systems.  We expect that the Wagner name will be maintained to continue the tradition of reliability that has been synonymous with the Wagner brand for decades.

In accordance with the distribution arrangements in place between ourselves, I am pleased to confirm that the sale of the Wagner division to Jastram Engineering Ltd does not interrupt the existing distribution arrangements.  This provides an opportunity for all to continue to develop your steering gear business through an even stronger organization. 

Summer Equipment will continue to ensure your Wagner needs are met throughout a transition period over the next few months.  Further communications will follow shortly.  In the meantime, please call us at (604) 940-4545 or www.wagnersteering.com or call the Wagner division of Jastram at (604) 988-1111 or www.jastram.com or www.wagnersteering.ca.

I take this opportunity to thank each and every one of you for your good service to the Wagner brand over the past years, and wish you every success and prosperity in your continued relationship with the new owners over the coming years.

Yours truly;

Timothy H. Rendell CA

President & General Manager

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