IWT Filing For Chapter 11 Bankruptcy

Palm City, FL, September 18, 2007-- IWT Tesoro Corporation said today it is filing for Chapter 11 bankruptcy.

The company said the voluntary action is the result of the housing industry’s significant downturn over the past year, which it said, is expected to continue for some time.

ITW’s board of directors said they believe the reorganization is in the best interest of Tesoro and its major revenue generator, International Wholesale Tile, and their employees, customers, creditors and shareholders.

Tesoro CEO Henry J. Boucher Jr. said, “After considering a wide range of alternatives, it became clear that this course of action was a necessary and responsible step to preserve Tesoro’s viability and longevity as we address our financial challenges and work to secure our future.

 “However, we want to stress, Tesoro and IWT are not ceasing operations and expect to continue business as usual."