Investor Relations| P & F Industries, Inc. Reinstates Stock Repurchase Authorization

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Lippert/Heilshorn & Assoc., Inc.
Harriet Fried/Klea Theoharis
Investors Relations
212-838-3777
klea@lhai.com or www.lhai.com

P & F Industries, Inc. Reinstates Stock Repurchase Authorization

FARMINGDALE, N.Y., August 24, 2001 - P & F Industries, Inc. (Nasdaq: PFIN) , today announced that its Board of Directors had authorized the repurchase of up to 125,000 shares of Class A Common Stock. Under its most recent authorized share repurchase program, the Company repurchased 53,985 shares of Class A Common Stock.

Richard Horowitz, Chairman, President and CEO of P&F Industries, commented, "We believe that the company's shares are undervalued and that repurchasing shares is in the best interests of our stockholders. We are confident in P&F's long-term prospects and will continue to purchase shares at the times and in the amounts the company deems appropriate."

P&F Industries, Inc., through its three wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation, Green Manufacturing, Inc. and Embassy Industries, Inc., manufactures and/or imports air-powered tools, hydraulic cylinders and baseboard and radiant heating products. The Company also imports various security hardware items and compressor air filters, markets a line of pipe-cutting and threading tools and makes heavy-duty pipe wrenches. P&F products are sold under their own trademarks, as well as under the private labels of major manufacturers and retailers.

This is a "Safe-Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, are based upon the Company's historical performance and on current plans, estimates and expectations. They are subject to various risks and uncertainties, including, but not limited to, the impact of competition, product demand and pricing. These risks could cause the Company's actual results to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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