Best Access and The Stanley Works Enter into Agreement

INDIANAPOLIS, October 10, 2002 -- Best Lock Corporation dba Best Access Systems has entered into a definitive agreement to be acquired by The Stanley Works (NYSE:SWK), an S&P 500 company that is a worldwide supplier of tools, hardware and doors for professional, industrial and consumer use. The announcement was made today by Russell Best, president and CEO of Best Access Systems in Indianapolis, and John M. Trani, Chairman and CEO of The Stanley Works in New Britain, CT.
"For several months we have been exploring options to position our company to take full advantage of the growth opportunities in our existing as well as new markets. Our agreement with The Stanley Works will do that and more, " Mr. Best said.
"The addition of Best Access to the Stanley family is a significant step in building our service and technology infrastructures in the very large security and safety market. By combining our current automatic door systems and service with Best Access' mechanical and electronic access systems, service and systems integration, we will have a $400 million platform in this market," Mr. Trani said.
He added, "Importantly, the Best Access sales and service network, including its internal architectural specification group, yields additional sales representation for Stanley commercial hardware. We expect to build upon this platform both organically and through acquisitions."
Mr. Best said that Stanley representatives are prepared to begin talks with the city and the state to explore development opportunities. "We have learned through our discussions with Best Access/Stanley Works - 2 October 10, 2002

Stanley that they base their decisions on what will work best in terms of customer service and financial success. I think that Indianapolis and Indiana are well poised to meet their needs in both areas."
Russell Best is the third-generation owner of the company that was founded in 1923 as the Best Universal Lock Company, 11 years after his grandfather, Frank Best, invented and patented the interchangeable lock core technology.
Speaking of the move from family to corporate-ownership, Mr. Best said, "Obviously, this decision has been difficult to make, given the history of my family's association with this company. However, I believe that my job as the majority shareholder is to do what is best for the long-term success of the business."
He continued, "The downturn in the economy has challenged all companies to rethink their approach to business. Keeping in mind the position in the industry that we have attained and maintained for many years, I made the decision that would provide the best opportunities for the company today and in the future."
CIBC World Markets acted as exclusive financial advisor to Best Access in its review of strategic alternatives and in connection with the transaction.
Best Access is recognized as one of the three top access control systems suppliers in North America and has leading positions in education, healthcare, government/institutional and military facilities. The company also offers a complete line of mechanical access control (MAC) and electronic access control (EAC) systems as detention/corrections systems control.