Columbia, South Carolina

March 9, 2010 – Gov. Mark Sanford, the South Carolina Department of Commerce, Dorchester
County and the Charleston Regional Development Alliance today announced that the
IMO Group, one of the world’s leading manufacturers of slewing rings and slew
drives, as well as experts in the machine and plant manufacturing sector, will
locate its first U.S. manufacturing facility in Dorchester County. The South
Carolina operation will be called IMO USA Corp. and will ultimately employ 190
workers and generate a $47 million capital investment. The company will occupy
a building in the McQueen Industrial Park off of Jedburg Road.

Headquartered in the South of Germany, the family-owned IMO has been
named one of "Bavaria’s Top 50" companies and listed among Europe’s 500 fastest
growing companies for several years in a row. The company’s slewing rings are
used in many applications, including blade, yaw and single main bearings for
wind turbines up to 5+ megawatts; blade bearings for tidal stream systems; and
slewing rings for construction machinery, tunneling and mining, medical
technology and ship building. IMO’s
patented slew drives are used in manlift platforms, solar tracking, cranes and
as steering gears. The company also offers products and solutions for the
machine and plant manufacturing sector as well as in environmental technology.

In seeking its first U.S. home, IMO executives were focused on locations
within three hours of a major seaport, access to a major airport and a
40,000-square-foot facility. They also sought a region with technically trained
and academically prepared workers. The company will utilize the Port of
Charleston for both importing materials and exporting products and will service
multiple markets from its Dorchester County operation including the U.S.,
Europe and Asia.

"South Carolina is well known throughout Germany as a good place to do
business," said Rüdiger Unverzagt, CEO of IMO USA Corp. "Charleston’s strong
port coupled with its strengthening profile in alternative energy gave us
complete confidence in our decision to come here."

With over 20 years experience in the alternative energy sector, IMO
serves customers worldwide, including several of the top wind turbine manufacturers.

"Today’s announcement by IMO speaks to the progress our state and
Dorchester County in particular are making in the global race for jobs, capital
investment and way of life," said Gov. Mark Sanford. "I’d offer special thanks to the team at
Commerce, local officials and economic developers for their hard work, as this
announcement represents yet another substantial dividend from our state’s
continuing efforts to increase our competitiveness and improve our state’s
business climate. For that, and for the immediate and positive impact this
substantial investment will bring to Dorchester County, I’d join with many
across the state in welcoming IMO to South Carolina."  

"We are delighted to make an economic development announcement such as
this and to welcome another international company to Dorchester County. IMO is
a strong and growing company that will become a top-notch facility within one
of our emerging industry sectors," said Jamie Feltner, chairman of Dorchester
County Council. "Economic development is critical to supporting County services
by supplementing the tax base and supplying additional revenue to the school
district. The County has put together a very aggressive and innovative economic
development strategic plan and team, and hopefully this is just one of many
project announcements to come this year."

CRDA Chairman Mitchell Bohannon welcomed the news. "With our focus on
building a globally competitive regional economy, IMO is just the sort of
dynamic company we want to bring to the tri-county region. Armed with 20 years
of experience, and focused on the exciting future of alternative energy, IMO
promises to contribute quality jobs, quality products and quality thinking to
this community." 

IMO anticipates its Dorchester County facility will be open by July
2010. IMO will be filling a variety of highly-skilled positions including jobs
in: engineering, production, sales and quality assurance. Those interested in
applying for positions should visit the S.C. Tech Jobs Web site at www.sctechjobs.com or contact the
Dorchester One Stop Career Center at 843.821.0695 or visit their office at 2885
W. 5th North Street in Summerville.

About IMO Group

The IMO Group was founded 1988 in Gremsdorf, South of Germany. IMO has
more than 20 years experience in designing, manufacturing and supplying Slewing
Rings and self-contained Slew Drives. Solutions in the machine and plant
manufacturing sector complete the range. IMO is family-owned and managed by its
proprietor.

IMO achieved "Bavaria’s Top 50" award by the Ministry of Economy and has
been recognized as one of the 500 fastest growing companies in Europe
("Europe’s 500 – Champion of Growth") multiple times. Currently more than 1.000
employees work for IMO. In 2008 IMO achieved a turnover of approx. 200 million
Euro.

The IMO Group comprises:

IMO
Anlagenbau GmbH & Co. KG

Future-oriented products and solutions in the machine and plant
manufacturing sector, engineering and implementation of challenging turnkey
projects. Single axis and two axes solar trackers and solar home systems are
developed and implemented in addition to standard and customized machines.

IMO
Antriebseinheit GmbH & Co. KG

Design, manufacturing and sales of hydraulically and electrically driven
Slew Drives. Applications are for example: Manlift platforms, tunnel boring
machines, cranes and solar energy applications.

IMO
Energy GmbH & Co. KG

Design, manufacturing and sales of ball and roller Slewing rings for
renewable energies.  Applications are:
Blade, Yaw and Main Bearings for wind
turbines and Blade Bearings for tidal stream systems.

IMO
Momentenlager GmbH & Co. KG

Design, manufacturing and sales of ball and roller Slewing rings in
diameters from 100 mm up to 5200 mm. Applications in construction machinery,
cranes, medical technology, materials and bulk handling.

IMO
Holding GmbH

Central departments like Human Resources, Training, Finance, Central
Purchasing and Marketing are based in this company and supply their services to
the affiliated companies.

To learn more, go to www.goIMO.com.

About S.C. Department of Commerce

The S.C. Department of Commerce works closely
with economic development professionals throughout the state to recruit new
jobs and investments and help existing businesses grow. Commerce has been
recognized for its success in the areas of job creation and economic impact by
Area Development and Business Facilities magazines. The S.C. Department of
Commerce was one of 10 state economic development organizations to receive Area
Development’s Silver Shovel Award in 2009 and Commerce received the 2009 Deal
of the Year award from Business Facilities magazine. Commerce received the top
prize for Boeing’s selection of North Charleston for the company’s second final
assembly plant for the 787 Dreamliner program.  In addition to job and
investment recruitment, the agency provides a range of business support
services, offers grants for community development and infrastructure
improvements, and provides tools to enhance workforce skills. For more
information, visit www.SCcommerce.com.