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MFRI Files Supplemental Proxy Materials

NILES, IL -- (Marketwired) -- 06/14/13 -- MFRI, Inc. (NASDAQ: MFRI) announced today that it filed supplemental proxy materials with the Securities and Exchange Commission in connection with the Company's Annual Meeting, scheduled for June 20, 2013 at 10:00 a.m. local time at the Hilton Rosemont Chicago O'Hare, 5550 North River Road, Rosemont, Illinois 60018. These materials include two modifications made by the Company's Board of Directors to the MFRI 2013 Omnibus Stock Incentive Plan ("Plan") in response to an unfavorable recommendation from Institutional Shareholder Services Inc. regarding the proposal to approve the Plan. These modifications are:

  • Reducing the shareholder value transfer by limiting the total number of shares that may be issued pursuant to the Plan to 750,000.
  • Revising Section 3 to say that no award issued pursuant to the Plan shall be repriced.

For further information, please contact Michael D. Bennett, Corporate Secretary of MFRI, Inc. at (847) 966-1000.

MFRI, Inc. is a multi-line company engaged in the following businesses: pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling and other applications; custom-designed industrial filtration products to remove particulates from dry gas streams; and installation of heating, ventilation and air conditioning for large buildings.

A Form 8-K including a copy of the amended Plan will be accessible at http://www.sec.gov/. For more information visit the Company's website www.mfri.com or contact the Company directly.

Statements and other information contained in this announcement which can be identified by the use of forward-looking terminology such as "anticipate," "may," "will," "expect," "continue," "remain," "intend," "aim," "should," "prospects," "could," "position," "future," "potential," "believes," "plans," "likely," " seems," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "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 are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.

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