NEW YORK, Oct. 27 /PRNewswire/ -- Steel Partners II, L.P. ("Steel"), which has commenced a cash tender offer to purchase all of the outstanding shares of Bairnco Corporation (NYSE: BZ; "Bairnco") for $12.00 per share, announced today that it has extended its $12.00 per share cash tender offer for all of the common stock of Bairnco not already owned by it or its subsidiaries to 5:00 P.M., New York City time, on Monday, November 27, 2006. The tender offer was previously set to expire at 5:00 P.M., New York City time, on Thursday, October 26, 2006. As of the close of business on October 26, 2006, a total of 2,175,378 shares had been tendered in and not withdrawn from the offer, which together with the shares owned by Steel and its subsidiaries (including BZ Acquisition Corp.), represents approximately 45% of the total shares outstanding of Bairnco. Important Information Regarding the Tender Offer BZ Acquisition Corp., a wholly-owned subsidiary of Steel, has commenced a tender offer to purchase all of the outstanding shares of common stock (and associated preferred stock purchase rights) of Bairnco at $12.00 per share, net to the seller in cash, without interest. The offer is currently scheduled to expire at 5:00 P.M., New York City time, on Monday, November 27, 2006, unless the offer is extended. MacKenzie Partners, Inc. is the Information Agent for the tender offer and any questions or requests for the Offer to Purchase and related materials with respect to the tender offer may be directed to MacKenzie Partners, Inc. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY BAIRNCO'S COMMON STOCK IS ONLY BEING MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT STEEL HAS FILED (AND WILL FILE) WITH THE SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS MAY OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM STEEL BY CONTACTING MACKENZIE PARTNERS, INC. TOLL-FREE AT (800) 322-2885 OR COLLECT AT (212) 929-5500 OR VIA EMAIL AT . Any forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, among others: the willingness of Bairnco stockholders to tender their shares in the tender offer and the number and timing of shares tendered; the receipt of third party consents to the extent required for the acquisition; and satisfaction of the various closing conditions. Other important factors that could cause actual results to differ materially are included but are not limited to those listed in Bairnco's periodic reports and registration statements filed with the Securities and Exchange Commission. Steel undertakes no obligation to update information contained in this release. CONTACT: Jason Booth, 1-310-788-2850, of Sitrick And Company DATASOURCE: Steel Partners II, L.P. CONTACT: Jason Booth of Sitrick And Company, +1-310-788-2850, for Steel Partners II, L.P.

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