Investor Relations| P&F INDUSTRIES IN DISCUSSIONS WITH MESTEK FOR SALE OF EMBASSY INDUSTRIES

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Lippert/Heilshorn & Assoc., Inc.
Jody Burfening/Seema Brin
Investors Relations
212-838-3777
jburfening@lhai.com/sbrin@lhai.com

P&F INDUSTRIES IN DISCUSSIONS WITH MESTEK FOR SALE OF EMBASSY INDUSTRIES

FARMINGDALE, N.Y., October 3, 2005 - P&F Industries, Inc. (Nasdaq NM:PFIN) today announced that it is in discussions with Mestek, Inc. (NYSE:MCC) for the sale of substantially all of the non-real estate assets of Embassy Industries, Inc., a wholly-owned subsidiary of the company that manufactures and sells heating and plumbing products. Mestek, located in Westfield, MA, manufactures and sells HVAC (heating, ventilating and air conditioning) and metal forming (machine tool, coil handling) products.

The details of the discussions are not being disclosed at this time. However, Mestek has indicated that, if the transaction is consummated, it intends to offer employment to substantially all of Embassy's current employees and continue to operate the Embassy business in its present Farmingdale, NY facility for at least six months following the closing.

P&F Industries, Inc., through its three wholly-owned operating subsidiaries, Florida Pneumatic Manufacturing Corporation, Countrywide Hardware, Inc. and Embassy Industries, Inc., manufactures and/or imports air-powered tools, various residential hardware such as staircase components, kitchen and bath hardware, fencing hardware and door and window hardware, and baseboard and radiant heating products. P&F's 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, including those related to the Company's future performance, and those contained in the comments of management, are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to, the impact of competition, product demand and pricing, and those described in the reports and statements filed by the Company with the Securities and Exchange Commission, including, among others, those described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004. These risks could cause the Company's actual results for the 2005 fiscal year and beyond 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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