Parker Signs Licensing Agreement with Vanderbilt for Exoskeleton Technology and Targets Commercial Launch in 2014

 Parker Signs Licensing Agreement with Vanderbilt for Exoskeleton Technology
                    and Targets Commercial Launch in 2014

- Device offers individuals with spinal cord injury and stroke the opportunity
to walk again

PR Newswire

CLEVELAND, Oct. 30, 2012

CLEVELAND, Oct. 30, 2012 /PRNewswire/ --Parker Hannifin Corporation (NYSE:
PH), the global leader in motion and control technologies, today announced
that it has signed an exclusive licensing agreement with Vanderbilt University
for its exoskeleton technology, which allows individuals with severe spinal
cord injury to walk and enhances rehabilitation for people who have suffered a
stroke. The agreement gives Parker exclusive rights to develop, manufacture
and sell the device. Parker intends to invest in further development of the
technology and establish a business unit targeting commercial launch of the
exoskeleton device in 2014.

(Photo: http://photos.prnewswire.com/prnh/20121030/CL02182-a )
(Photo: http://photos.prnewswire.com/prnh/20121030/CL02182-b )
(Logo: http://photos.prnewswire.com/prnh/19990816/PHLOGO )

"This agreement offers Parker an exciting growth opportunity in the area of
biomechanics," said Craig Maxwell, Vice President of Technology and Innovation
for Parker. "By leveraging our core motion and control technology, we are
confident that we can take the company in new and exciting directions while
improving the lives of people who experience mobility challenges. Having
studied the current state of the art, we believe the technology developed at
Vanderbilt is far superior in terms of both design and functional performance.
We are embarking on an aggressive development and launch plan to bring what
was once thought of as science fiction into the marketplace."

The Parker exoskeleton offers numerous advantages over existing technologies
which are being tested in rehabilitation clinics. The exoskeleton is 40-50%
lighter than competing devices and provides a modular design that can be
assembled and dis-assembled for ease of use and transportation. This device
is also smaller, with a slim profile and no bulky backpack components or
footplates. A proprietary control interface allows for smooth operation that
works in harmony with natural human movement and body position. The Parker
Exoskeleton is the only wearable device that incorporates a proven
rehabilitation technology called functional electrical stimulation.

"To see patients who are otherwise confined to a wheelchair be given the
opportunity to stand and walk again is truly rewarding and inspiring," said
Dr. Ryan Farris, Parker's technology development leader for the device and
co-inventor. "Under the direction of Dr. Michael Goldfarb at Vanderbilt, we
were able to take advantage of the latest developments in sensor, actuation
and control technology to create a device that can greatly improve the quality
of life for patients through regained mobility. As part of Parker, and through
ongoing cooperation with Vanderbilt, it is now time to further develop, refine
and ready the exoskeleton for commercial availability."

The exoskeleton is currently being tested and refined through clinical
research at the Shepherd Center in Atlanta, Georgia, one of the foremost
rehabilitation hospitals in the United States. Patient and clinician feedback
on the device has been overwhelmingly positive and the Center has concluded
that the device has the most promise as a rehabilitation and home device.

To read the Vanderbilt University Medical Center version of this announcement
visit http://news.vanderbilt.edu/2012/10/.

With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin
is the world's leading diversified manufacturer of motion and control
technologies and systems, providing precision-engineered solutions for a wide
variety of mobile, industrial and aerospace markets. The company employs
approximately 60,000 people in 48 countries around the world. Parker has
increased its annual dividends paid to shareholders for 56 consecutive fiscal
years, among the top five longest-running dividend-increase records in the S&P
500 index. For more information, visit the company's web site at
www.parker.com, or its investor information web site at www.phstock.com.

Forward-Looking Statements
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings projections,
events or developments are forward-looking statements. It is possible that the
future performance and earnings projections of the company, including its
individual segments, may differ materially from current expectations,
depending on economic conditions within its mobile, industrial and aerospace
markets, and the company's ability to maintain and achieve anticipated
benefits associated with announced realignment activities, strategic
initiatives to improve operating margins, actions taken to combat the effects
of the current economic environment, and growth, innovation and global
diversification initiatives. A change in the economic conditions in individual
markets may have a particularly volatile effect on segment performance. Among
other factors which may affect future performance are: changes in business
relationships with and purchases by or from major customers, suppliers or
distributors, including delays or cancellations in shipments, disputes
regarding contract terms or significant changes in financial condition,
changes in contract cost and revenue estimates for new development programs
and changes in product mix; ability to identify acceptable strategic
acquisition targets; uncertainties surrounding timing, successful completion
or integration of acquisitions; ability to realize anticipated cost savings
from business realignment activities; threats associated with and efforts to
combat terrorism; uncertainties surrounding the ultimate resolution of
outstanding legal proceedings, including the outcome of any appeals;
competitive market conditions and resulting effects on sales and pricing;
increases in raw material costs that cannot be recovered in product pricing;
the company's ability to manage costs related to insurance and employee
retirement and health care benefits; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, deflation, interest rates and credit availability. The company
makes these statements as of the date of this disclosure, and undertakes no
obligation to update them unless otherwise required by law.

SOURCE Parker Hannifin Corporation

Website: http://www.phstock.com
Contact: Media - Aidan Gormley, Director, Corporate Communications,
+1-216-896-3258, aidan.gormley@parker.com; Financial Analysts - Pamela
Huggins, Vice President & Treasurer +1-216-896-2240, phuggins@parker.com
 
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