SOUTHPORT, Connecticut, October 17, 2006 -- Carter Morse & Mathias (“CM&M”) today announced that Celerity, Inc., a leading provider of advanced gas and chemical delivery solutions to the global semiconductor and electronics industries, has sold its FTS Systems subsidiary to SP Industries. FTS Systems, located in Stone Ridge, NY, is a manufacturer of precision thermal control systems serving the pharmaceutical, biotechnology, and industrial markets.  CM&M was Celerity's exclusive financial advisor on the transaction.

For more than 30 years, FTS Systems has been a leading maker of innovative R&D, process development, pilot and production freeze-dryers, and other thermal management systems. Built on a foundation of advanced thermal engineering, all FTS products feature ultra-reliable, low temperature performance, with robust, easy-to-use controls.  The acquisition of FTS is highly strategic for SP Industries, a global supplier of laboratory to production scale freeze dryers marketed under the well-known brands of VirTis® and Hull®.

For Celerity, the sale sharpens its focus on serving the semiconductor and broader electronics industry. “Celerity’s sale of FTS enables a continued focus on our instrumentation, subsystems and service businesses with our semiconductor OEM and end-user customers,” stated John Ferron, CFO of Celerity. “This deal strengthens our balance sheet and enhances our ability to consider complementary strategic opportunities in our core business.”

Celerity is a leader in the design and production of high-performance gas and chemical delivery process modules that are integral to the equipment used in manufacturing semiconductors, flat panel displays, and related products. Celerity, headquartered in Milpitas, California, has over 1,100 employees worldwide, and is a privately held company with a majority ownership by Texas Pacific Group.