Milastar Corporation Completes Going Private Transaction and Files SEC Form 15 to Deregister Its Common Stock

    MINNEAPOLIS, July 30 /PRNewswire-FirstCall/ -- Milastar Corporation
 (OTC Bulletin Board:   MILAA) announced today that it has completed the
 previously announced going private transaction and has filed a Form 15 with
 the Securities and Exchange Commission to deregister its stock.
     At the special meeting on July 30, 2007 the Company's shareholders
 approved the going private transaction, which was accomplished by a merger
 of Milastar with Acquisition Corporation, a wholly owned subsidiary of
 Easton Southpaw Incorporated, which is owned by Dennis J. Stevermer, the
 Chief Executive Officer and Chairman of the Board of Milastar, and the
 beneficial owner of approximately 68% of the issued and outstanding common
 stock of Milastar.
     As a result of the merger the Company's minority shareholders will
 receive $3.50 per share in cash for their shares. The funds to make such
 payments have been deposited with American Stock Transfer, which will act
 as the Paying Agent. Stockholders will receive instructions on how to
 surrender their shares of Milastar common stock in order to receive the
 merger consideration with the next few days.
     About Milastar Corporation
     Milastar Corporation is a Minneapolis-based company that sells special
 metallurgical services to manufacturers primarily located in the greater
 midwest region.
     Cautionary Statement Regarding Forward-Looking Statements
     Certain statements in this press release constitute "forward-looking
 statements" within the meaning of Section 21E of the Exchange Act, and are
 subject to the safe harbors created thereby. The forward-looking statements
 contained in this release are based upon various assumptions, and certain
 risks and uncertainties could cause actual results to differ materially
 from those stated. For further details and a discussion of these risks and
 uncertainties, see the Company's filings under the Exchange Act, including
 its most recent Form 10-KSB for the fiscal year ended April 30, 2006.

SOURCE Milastar Corporation

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