QUIPP ANNOUNCES DEATH OF ITS CO-FOUNDER, JAMES G. QUAKENBUSH

Miami, FL, February 11, 2003 – Quipp (Nasdaq: QUIP) announced today that James G. Quakenbush, 79, a co-founder and former Chairman and President of Quipp, died last week. Mr. Quakenbush died from injuries sustained when he was struck by a pickup truck while riding his bicycle near his home in Palm City, FL.

Quipp was formed in 1980, but remained an inactive subsidiary of EDS Technologies, Inc. until 1983, when Mr. Quakenbush and Louis D. Kipp, formerly employees of EDS, acquired Quipp upon their departure from EDS. Mr. Quakenbush oversaw the development of Quipp, including its first sale of products in July 1984 and its initial public offering in August 1986.

Michael S. Kady, President and Chief Executive Officer of Quipp, stated: “Jim Quakenbush’s vision and skill were principal factors in Quipp’s development as a supplier of post-press equipment to the newspaper industry. Many of our long-time employees worked closely with Jim, and we were all saddened to learn of his death.”

Louis D. Kipp, co-founder, former President and currently a director of Quipp, stated: “Jim played an important role in Quipp’s formative years. He also made many significant contributions to the newspaper industry, beginning in the early 1960s. We will miss Jim very much.”

Quipp, through its subsidiary, Quipp Systems, designs, manufactures, and installs material handling systems and equipment to facilitate the automated bundling and movement of newspapers from the printing press to the delivery truck.

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