Titan Machinery Announces Closing Of Acquisition: Adobe Truck & Equipment, LLC

Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the acquisition of Adobe Truck & Equipment, LLC. The acquisition consists of three Case Construction dealerships located in Denver, Colorado Springs, and Loveland, Colorado.

Adobe Truck & Equipment’s dealerships are located east of the Rocky Mountains in Colorado and are supported by a number of factors including oil exploration in northern Colorado, agriculture in eastern Colorado, and large metropolitan centers in Denver and Colorado Springs. The dealerships will benefit from synergies with Titan Machinery’s existing dealerships in Wyoming and Nebraska. With the acquisition of these dealerships, Titan Machinery has the exclusive Case Construction contract for all of Colorado east of the Rocky Mountains. In its most recently reported fiscal year, Adobe Truck & Equipment generated revenue of approximately $12 million.

David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to expand the Titan Machinery footprint into Colorado. Historically, this eastern Colorado market including the Denver, Colorado Springs, and Loveland/Fort Collins metros has produced large industry unit sales. In addition, we anticipate associated rental demand. We see an overall solid growth platform with this acquisition.”

About Titan Machinery Inc.

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly-acquired locations. The Company owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe. Upon the closing of the previously announced Rimex acquisition, the Titan Machinery network will consist of 94 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, and Colorado including two outlet stores, as well as 9 European dealerships in Romania and Bulgaria. The Titan Machinery dealerships represent one or more of the CNH Brands ((NYSE: CNH), a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI)), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.

Forward Looking Statements

Certain statements found in this press release may constitute forward-looking statements as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements are generally identifiable by the terminology used, such as "anticipate," "believe," "intend," "expect," "plan," or other similar words. Our forward-looking statements in this release generally relate to the benefits related to the Adobe Truck & Equipment, LLC acquisition. Although it is not possible to foresee all of the factors that may cause actual results to differ from our forward-looking statements, such factors include, among others, integrating Adobe Truck & Equipment, LLC’s operations with Titan Machinery's existing network and those risks described from time to time in our reports to the Securities and Exchange Commission. Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Stockholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release. We undertake no obligation to update publicly or revise any forward-looking statements.

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