Investor Relations| P & F Industries Acquires Nationwide Industries, Inc.

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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 Acquires Nationwide Industries, Inc.

FARMINGDALE, N.Y. - May 6, 2002 - P&F Industries, Inc., (Nasdaq NM: PFIN) today announced the acquisition of Nationwide Industries, Inc. of Tampa, Florida, an importer and manufacturer of window, door and fencing hardware sold principally through original equipment manufacturers (OEMs). Although details of the transaction were not disclosed, the acquisition is expected to be immediately accretive to earnings. Nationwide will become part of P&F's newly formed fourth subsidiary, to be named Countrywide Hardware, Inc. This new subsidiary will include Franklin Manufacturing, currently a division of P&F's Embassy Industries, Inc. subsidiary.

Nationwide has been in business for approximately 10 years and has 30 employees. During 2001, Nationwide reported sales of approximately $10 million. About eighty percent of Nationwide's product offerings are manufactured in Asia, with the remaining 20% manufactured in the United States.

Richard A. Horowitz, Chairman of the Board, President and Chief Executive Officer of P&F said: "The synergies, expanded distribution and growth opportunities to be derived from this acquisition make it an excellent fit for us as we seek to increase our penetration of the $10 billion hardware market. Given the business similarities between Nationwide and Franklin Manufacturing, we expect to integrate some of our marketing and back-office operations, as well as to share sources of supply. Mark C. Weldon will remain as President of Nationwide and, together with Lawrence Franklin, President of Franklin Manufacturing, will be instrumental in helping us to achieve our goals in our new hardware business unit."

P&F Industries, Inc., through its four wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation, Green Manufacturing, Inc., Embassy Industries, Inc. and Countrywide Hardware, Inc., manufactures and/or imports air-powered tools, hydraulic cylinders, baseboard and radiant heating products and residential and commercial hardware. P&F's products are sold under their own trademarks, as well as under the private labels of major manufacturers and retailers.

Certain statements contained herein regarding matters that are not historical facts are forward-looking statements, including statements concerning P&F's business strategy. Actual results may differ materially from those expressed or implied by such forward-looking statements.

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