MFRI is uniquely qualified to manufacture and sell products in its
selected market niches.  The products include offerings for infrastructure development, energy transportation, manufacturing process efficiency and environmental compliance.  All of these areas are essential aspects of the growing world economy.  We continue to pursue
opportunities for product innovations and strategic acquisitions that will add to our market share, complement our present offerings and help us achieve our goal of building shareholder value.

Our commitment to contribute to a cleaner and more efficient global economy has built a Company that offers its customers, employees and stockholders a way to benefit from working toward that goal.  MFRI management and its over 800 loyal employees are committed to the success of this business strategy, and we recognize our obligation to reward your support.