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New Way Receives Chamber Excellence Award

The Greater Philadelphia Chamber of Commerce Names New Way® Air Bearings Recipient of Technological Excellence of the Year Award for 2008

Aston, Pennsylvania, USA, November 1, 2007 – The Greater Philadelphia Chamber of Commerce has awarded New Way® Air Bearings its Technological Excellence of the Year Award for 2008. The most esteemed honor bestowed on small businesses in the Greater Philadelphia region, the Excellence Awards were presented last night at the Chamber’s Annual Small Business Excellence Awards dinner at the Hyatt Regency Philadelphia at Penn’s Landing, with more than 450 in attendance.

This year marks the 25th Anniversary of the prestigious Excellence Awards, which acknowledge the accomplishments of small businesses and the contributions they make to Philadelphia’s regional economy. Small business leaders are nominated by their regional business peers based on their demonstrated commitment to the advancement of the business community.

New Way Air Bearings was nominated for this award by the Delaware Valley Industrial Resource Center, the Philadelphia-based economic development organization dedicated to southeastern Pennsylvania manufacturers. Harrisburg-based Ben Franklin Technology Partners, devoted to entrepreneurial innovation in technology-based economic development, sponsor the Technology Excellence Award.

New Way was selected for the Technological Excellence of the Year Award in recognition of the organization’s success in the development and commercialization of porous media air bearing technology which provides for non-contact, frictionless motion in precision machines, and in its success in exporting products globally, with particular success in Japan, Korea and Israel.

“We’d like to thank DVIRC and Ben Franklin Technology Partners for helping us to promote our vision of a frictionless world,” said New Way Chairman and Chief Technology Officer Drew Devitt. “This honor reflects the innovation of New Way’s air bearing technology and the tremendous growth that it has enabled us to achieve.”

“As a manufacturer, we are especially pleased to be included on this list of honorees,” added New Way President Nick Hackett. “While many US companies today are moving manufacturing offshore, we continue to develop and manufacture world-class products right here in the heart of the Greater Philadelphia region. The only thing we’re exporting is our product, and lots of it, especially to the Far East. That makes this Technology Excellence Award all the more rewarding.”

Aston-based New Way Air Bearings was one of eleven small businesses recognized with Excellence Awards in various categories. The Greater Philadelphia Chamber of Commerce also honored: Gustavo Perea, Adams Bickel Associates, Inc. (Small Business Person); Sterling Limousine & Transportation Services (Customer Service Excellence); The Borden Agency (Emerging Business); Connexus Technology (Innovative Business); Pressure Products Industries, Inc. (Manufacturer); PhillyCarShare (Non-Profit Organization); Capogiro Gelato Artisans (Retailer); Steen Outdoor Advertising (Family Business); and Steve Grandizio, Friendly Mortgage (Young Entrepreneur).

The Excellence Awards silver anniversary celebration also featured the inaugural presentation of the Visionary Award to Michael George of QVC.

The Greater Philadelphia Chamber of Commerce Technology Excellence Award is the second achievement of significance this year for New Way Air Bearings. In August, Inc. Magazine ranked the company No. 2,294 on its first-ever Inc. 5,000 list of the fastest-growing private companies in the country. New Way, the world’s largest independent air bearing manufacturer, achieved that ranking with revenue growth of 154.7% from 2003 to 2006.

About the Greater Philadelphia Chamber of Commerce

As the premier advocate for the region’s business community, the Greater Philadelphia Chamber of Commerce embraces a mission to promote regional economic growth, advance business-friendly public policy, and provide effective programs and services for its approximately 5,000 member companies. A private, not-for-profit organization, the Chamber unites members in 11 counties across three states with one vision. Visit greaterphilachamber.com.

About New Way Air Bearings

New Way Air Bearings, Inc. is the market leader in the design and manufacture of modular air bearings and is the recognized provider of porous media air bearing solutions. Founded in 1994, New Way is located in Aston, Pennsylvania, USA, just fifteen minutes from Philadelphia International Airport.

In August, 2007, New Way Air Bearings was named to Inc. Magazine’s list of the 5,000 fastest-growing, private companies in America for 2007. The company ranked as No. 2,294 on the list, which measured companies by revenue growth from 2003 to 2006. And as the subject of this press release, The Greater Philadelphia Chamber of Commerce named New Way recipient of its Technological Excellence of the Year Award for 2008.

Visit New Way Air Bearings at www.newwayairbearings.com. This web site includes specifications for the company’s full product range, design and installation guides, mounting hardware, air specifications, technical support, and a full range of accessories.

Date:
Thursday, November 1, 2007