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<SEC-DOCUMENT>0000080420-04-000045.txt : 20041101
<SEC-HEADER>0000080420-04-000045.hdr.sgml : 20041101
<ACCEPTANCE-DATETIME>20041101170934
ACCESSION NUMBER:		0000080420-04-000045
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041027
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041101
DATE AS OF CHANGE:		20041101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000080420
		STANDARD INDUSTRIAL CLASSIFICATION:	SWITCHGEAR & SWITCHBOARD APPARATUS [3613]
		IRS NUMBER:				880106100
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12488
		FILM NUMBER:		041110761

	BUSINESS ADDRESS:	
		STREET 1:		8550 MOSLEY DR
		STREET 2:		POST OFFICE BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075
		BUSINESS PHONE:		7139446900

	MAIL ADDRESS:	
		STREET 1:		8550 MOSLEY DRIVE P O BOX 12818
		STREET 2:		8550 MOSLEY DRIVE P O BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROCESS SYSTEMS INC
		DATE OF NAME CHANGE:	19780926
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form1004_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>November 1, 2004 - 8K</TITLE>
</HEAD>
<BODY>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>UNITED STATES <BR>SECURITIES AND
EXCHANGE COMMISSION <BR>WASHINGTON, DC 20549 <BR><BR><BR></b></FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><b>FORM 8-K <BR><BR></b></FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) <BR>OF THE SECURITIES
EXCHANGE ACT OF 1934 <BR><BR><BR><BR></b></FONT></H1>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>DATE OF REPORT:
October 31, 2004</b><BR><I>(Date of earliest event
reported) <BR><BR><BR></I></FONT></p>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><b>POWELL INDUSTRIES, INC.</b> </font><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(Exact Name of
Registrant as Specified in Its Charter) </I><BR></FONT></p>




<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN="center" WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>Delaware</b>            <BR>
<i>(State or other jurisdiction of<BR>
incorporation or organization)</i><BR>
<BR>
<b>8550 Mosley Drive       <BR>
Houston, Texas</b><BR>
<i>(Address of Principal <BR>Executive Offices)</i>
</FONT></TD>
     <TD ALIGN="center" WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>0-6050</b>         <BR>
<i>(Commission File Number)</i>
</FONT></TD>
     <TD ALIGN="center" WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>88-0106100</b><BR>
<i>(I.R.S. Employer <BR>Identification
Number)</i><BR>
<BR>
<b>77075-1180</b><BR>
<BR>
<i>(Zip Code)</i>
</FONT></TD></TR>
</TABLE>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>(713) 944-6900</b><BR><BR> </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(Registrant&#146;s
Telephone Number, Including Area Code) </I></FONT></P>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>N/A</b> <BR><I>(Former Name or
Former Address, if Changed Since Last Report) </I></FONT></p><BR>

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<HR ALIGN=LEFT WIDTH=100% SIZE=2 NOSHADE>


<PAGE>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.01&nbsp;&nbsp; Other Events.</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 31,  2004, Powell Industries, Inc., a Nevada corporation ("Powell Nevada") and the sole stockholder of the Registrant,
merged with and into the Registrant for the purpose of changing  Powell Nevada's state of  incorporation  from Nevada to Delaware (the
"Reincorporation").  The  Reincorporation  was  accomplished  pursuant to an Agreement  and Plan of Merger,  which was
approved by Powell  Nevada's  stockholders  at its 2004  annual  meeting and a copy of which is  attached  hereto as  Exhibit 2.1  and
incorporated  herein by  reference.  Pursuant to  Rule 12g-3(a)  of the  Securities  Exchange Act of 1934,  as amended (the  "Exchange
Act"),  the common stock of the  Registrant,  par value $0.01 per share  ("Common  Stock"),  is deemed to be registered  under Section
12(g) of the Exchange Act.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's currently effective certificate of incorporation,  bylaws and form of stock certificate for the Common Stock are
attached hereto as Exhibits 3.1, 3.2 and 4.1, respectively.
</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01&nbsp;&nbsp;
Financial Statements and Exhibits.</FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Exhibits.</FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed with this Form 8-K:.</FONT></P>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR><BR>
3.1 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
3.2 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
4.1 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>

</FONT></TD>
     <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement and Plan of Merger, dated October 31,  2004, between the Registrant<BR> and Powell Industries,  Inc., a Nevada
corporation and the Registrant's predecessor<BR> in interest.<BR>
<BR>
Certificate of Incorporation of the Registrant  (filed as Exhibit 3.1 to the Registrant's <BR> Form 8-A/A filed November
1, 2004 and incorporated herein by reference).<BR>
<BR>
Bylaws  of the  Registrant  (filed  as  Exhibit  3.2 to the  Registrant's  Form  8-A/A  filed <BR> November  1, 2004 and
incorporated herein by reference).<BR>
<BR>
Form of Powell  Industries,  Inc.  Common Stock  Certificate  (filed as Exhibit 4.1 to the  <BR>Registrant's  Form 8-A/A
filed November 1, 2004 and incorporated herein by reference).<BR>

</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>


<BR>
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<HR ALIGN=LEFT WIDTH=100% SIZE=2 NOSHADE>
<PAGE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized. </FONT></P>




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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
<BR>
Date:  October 31, 2004
</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">POWELL INDUSTRIES, INC.<BR>
<BR>
<BR>
By: <u>/s/ DON R. MADISON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>                             <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don R. Madison<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President/Treasurer/<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Accounting and Financial Officer)
</FONT></TD></TR>
</TABLE>

<BR>
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<HR ALIGN=LEFT WIDTH=100% SIZE=2 NOSHADE>
<PAGE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit<BR>
<u>Number</u> <BR><BR>
</FONT></TD>
     <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><u>Description</u><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR><BR>
3.1 <BR>
<BR>
3.2 <BR>
<BR>
4.1 <BR>

</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement and Plan of Merger,  dated October 31, 2004, between the Registrant <BR>and Powell Industries,  Inc., a Nevada
corporation and the Registrant's predecessor <BR>in interest.<BR>
<BR>
Certificate of Incorporation of the Registrant.<BR>
<BR>
Bylaws of the Registrant.<BR>
<BR>
Form of Powell Industries, Inc. Common Stock Certificate.<BR>

</FONT></TD></TR>
</TABLE>



</BODY>
</HTML>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>exhibit2_1.htm
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER
<TEXT>
<HTML>
<HEAD>
<TITLE>November 1, 2004 - Exhibit 2.1</TITLE>
</HEAD>
<BODY>



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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 2.1 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT AND PLAN OF
MERGER </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
AGREEMENT AND PLAN OF MERGER (&#147;Agreement&#148;) dated as of October 31, 2004, is made
and entered into by and between Powell Industries, Inc., a Nevada corporation
(&#147;Parent&#148;) and Powell Industries, Inc., a Delaware corporation
(&#147;Subsidiary&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Parent is a corporation organized and existing under the laws of Nevada; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Subsidiary
is a corporation organized and existing under the laws of Delaware and is a wholly owned
subsidiary of Parent; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Parent and Subsidiary and their respective Boards of Directors deem it advisable and to
the advantage, for the welfare and in the best interests of the corporations and their
respective stockholders to merge Parent with and into Subsidiary pursuant to the
provisions of Nevada Revised Statutes (&#147;NRS&#148;) and the Delaware General
Corporation Law (&#147;DGCL&#148;) upon the terms and conditions set forth in this
Agreement; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW
THEREFORE</B>, in consideration of the premises, the mutual covenants herein contained and
other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that Parent shall be merged into Subsidiary (the
&#147;Merger&#148;) upon the terms and conditions set forth below. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1 <BR>PRINCIPAL TERMS OF THE
MERGER </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 1.1</I></B><I></I>
&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Merger</I></B><I></I>. On the Effective Date (as defined in Section&nbsp;4.1 below),
Parent shall be merged into Subsidiary, the separate existence of Parent shall cease and
Subsidiary (the surviving entity following the Merger is referred to in this Agreement as
the &#147;Surviving Corporation&#148;) shall operate under the name &#147;Powell
Industries, Inc.&#148; by virtue of, and shall be governed by, the laws of Delaware. The
address of the registered office of the Surviving Corporation in Delaware will be
Corporation Trust Center, 1209&nbsp;Orange Street, in the City of Wilmington, County of
New Castle, and the registered agent in charge thereof shall be The Corporation Trust
Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 1.2</I></B><I></I>
&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Certificate of Incorporation of the Surviving Corporation</I></B><I></I>. The
certificate of incorporation of the Surviving Corporation shall be the certificate of
incorporation of Subsidiary as in effect on the date hereof without change unless and
until amended in accordance with applicable law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 1.3</I></B><I></I>
&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bylaws of the Surviving Corporation</I></B><I></I>. The bylaws of the Surviving
Corporation shall be the bylaws of Subsidiary as in effect on the date hereof without
change unless and until amended or repealed in accordance with applicable law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 1.4</I></B><I></I>
&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Directors and Officers</I></B><I></I>. At the Effective Date of the Merger, the
directors and officers of Parent in office at the Effective Date of the Merger shall
become the directors and officers, respectively, of the Surviving Corporation, each of
such directors and officers to hold office, subject to the applicable provisions of the
certificate of incorporation and bylaws of the Surviving Corporation and the DGCL, until
his or her successor is duly elected or appointed and qualified. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2 <BR>CONVERSION,
CERTIFICATES AND PLANS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 2.1</I></B><I></I>
&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conversion of Shares</I></B><I></I>. At the Effective Date of the Merger,  each of the following  transactions  shall be deemed to
occur simultaneously: </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(a)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Common Stock</I>.&nbsp;&nbsp;&nbsp; Each share of Parent&#146;s common stock, $0.01 par value
          per share (&#147;Parent Stock&#148;), issued and outstanding immediately before
          the Effective Date of the Merger shall, by virtue of the Merger and without any
          action on the part of the holder thereof, be converted into and become one
          validly issued, fully paid and nonassessable share of the Surviving
          Corporation&#146;s common stock, $0.01 par value per share (the &#147;Surviving
          Corporation Stock&#148;). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(b)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Options</I>. &nbsp;&nbsp;&nbsp;Each option to acquire shares of Parent Stock outstanding
          immediately before the Effective Date of the Merger shall, by virtue of the
          Merger and without any action on the part of the holder thereof, be converted
          into and become an equivalent option to acquire, upon the same terms and
          conditions, the number of shares of Surviving Corporation Stock that is equal to
          the number of shares of Parent Stock that the optionee would have received had
          the optionee exercised such option in full immediately before to the Effective
          Date of the Merger (whether or not such option was then exercisable) and the
          exercise price per share under each such option shall be equal to the exercise
          price per share thereunder immediately before the Effective Date of the Merger,
          unless otherwise provided in the instrument granting such option. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(c)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Other Rights</I>. &nbsp;&nbsp;&nbsp;Any other right, by contract or otherwise, to acquire
          shares of Parent Stock outstanding immediately before the Effective Date of the
          Merger shall, by virtue of the Merger and without any action on the part of the
          holder thereof, be converted into and become a right to acquire, upon the same
          terms and conditions, the number of shares of Surviving Corporation Stock that
          is equal to the number of shares of Parent Stock that the right holder would
          have received had the right holder exercised such right in full immediately
          before the Effective Date of the Merger (whether or not such right was then
          exercisable) and the exercise price per share under each such right shall be
          equal to the exercise price per share thereunder immediately before the
          Effective Date of the Merger, unless otherwise provided in the agreement
          granting such right. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(d)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Subsidiary Stock</I>.&nbsp;&nbsp;&nbsp; Each share of Subsidiary Stock issued and outstanding
          immediately before the Effective Date of the Merger and held by Parent shall be
          canceled without any consideration being issued or paid therefor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 2.2</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Stock Certificates</I></B><I></I>. After the Effective Date of the Merger, each
certificate theretofore representing issued and outstanding shares of Parent Stock will
thereafter be deemed to represent the same number of shares of the same class and series
of capital stock of Subsidiary. The holders of outstanding certificates theretofore
representing Parent Stock will not be required to surrender such certificate to Parent or
the Surviving Corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 2.3</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Employee Benefit and Compensation Plans</I></B><I></I>. At the Effective Date of the
Merger, each employee benefit plan, incentive compensation plan and other similar plans to
which Parent is then a party shall be assumed by, and continue to be the plan of, the
Surviving Corporation. To the extent any employee benefit plan, incentive compensation
plan or other similar plan of Parent provides for the issuance or purchase of, or
otherwise relates to, Parent Stock, after the Effective Date of the Merger such plan shall
be deemed to provide for the issuance or purchase of, or otherwise relate to, Surviving
Corporation Stock. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3 <BR>TRANSFER AND
CONVEYANCE OF ASSETS <BR>AND ASSUMPTION OF
LIABILITIES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 3.1</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Effects of the Merger</I></B><I></I>. At the Effective Date of the Merger, the
Merger shall have the effects specified in the NRS, the DGCL and this Agreement. Without
limiting the generality of the foregoing, and subject thereto, at the Effective Date of
the Merger, the Surviving Corporation shall possess all the rights, privileges, powers and
franchises, of a public as well as a private nature, and shall be subject to all the
restrictions, disabilities and duties of each of the parties to this Agreement; the
rights, privileges, powers and franchises of Parent and Subsidiary, and all property,
real, personal and mixed, and all debts due to each of them on whatever account, shall be
vested in the Surviving Corporation; and all property, rights, privileges, powers and
franchises, and all and every other interest shall be thereafter the property of the
Surviving Corporation, as they were of the respective constituent entities, and the title
to any real estate, whether by deed or otherwise vested in Parent and Subsidiary or either
of them, shall not revert or be in any way impaired by reason of the Merger; but all
rights of creditors and all liens upon any property of the parties hereto shall be
preserved unimpaired, and all debts, liabilities and duties of the respective constituent
entities shall thenceforth attach to the Surviving Corporation and may be enforced against
it to the same extent as if such debts, liabilities and duties had been incurred or
contracted by it. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 3.2</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Additional Actions</I></B><I></I>. If, at any time after the Effective Date of the
Merger, the Surviving Corporation shall consider or be advised that any further
assignments or assurances in law or any other acts are necessary or desirable (a)&nbsp;to
vest, perfect or confirm, of record or otherwise, in the Surviving Corporation, title to
and possession of any property or right of Parent acquired or to be acquired by reason of,
or as a result of, the Merger, or (b)&nbsp;otherwise to carry out the purposes of this
Agreement, Parent and its proper officers and directors shall be deemed to have granted to
the Surviving Corporation an irrevocable power of attorney to execute and deliver all such
proper deeds, assignments and assurances in law and to do all acts necessary or proper to
vest, perfect or confirm title to and possession of such property or rights in the
Surviving Corporation and otherwise to carry out the purposes of this Agreement. The
proper officers and directors of the Surviving Corporation are fully authorized in the
name of Parent or otherwise to take any and all such action. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4 <BR>APPROVAL BY
STOCKHOLDERS; <BR>AMENDMENT; EFFECTIVE
DATE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 4.1</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Approval</I></B><I></I>. This Agreement and the Merger contemplated hereby are
subject to approval by the requisite vote of stockholders in accordance with the NRS and
the DGCL. As promptly as practicable after approval of this Agreement by stockholders in
accordance with applicable law, duly authorized officers of the respective parties shall
make and execute Articles of Merger and a Certificate of Merger and shall cause such
documents to be filed with the Secretary of State of Nevada and the Secretary of State of
Delaware, respectively, in accordance with the laws of Nevada and Delaware. The effective
date (&#147;Effective Date&#148;) of the Merger shall be the date on which the Merger
becomes effective under the laws of Nevada or the date on which the Merger becomes
effective under the laws of Delaware, whichever occurs later. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 4.2</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Amendments</I></B><I></I>. The Board of Directors of Parent may amend this Agreement
at any time before the Effective Date, <I>provided, however, that</I> an amendment made
subsequent to the approval of the Merger by the stockholders of Parent shall not
(a)&nbsp;alter or change the amount or kind of shares to be received in exchange for or on
conversion of all or any of the shares of Parent Stock, (b)&nbsp;alter or change any term
of the certificate of incorporation of Subsidiary or (c)&nbsp;alter or change any of the
terms and conditions of this Agreement if such alteration or change would adversely affect
the holders of Parent Stock. </FONT></P>

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5 <BR>MISCELLANEOUS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 5.1</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Termination</I></B><I></I>. This Agreement may be terminated and the Merger
abandoned at any time before the filing of this Agreement with the Secretary of State of
Nevada and the Secretary of State of Delaware, whether before or after stockholder
approval of this Agreement, by the consent of the Boards of Directors of Parent and
Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 5.2</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Counterparts</I></B><I></I>. This Agreement may be executed in any number of
counterparts, each of which shall be considered to be an original instrument. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 5.3</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Descriptive Headings</I></B><I></I>. The descriptive headings are for convenience of
reference only and shall not control or affect the meaning or construction of any
provision of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 5.4</I></B>&nbsp;&nbsp;&nbsp;&nbsp;<I></I>
<B><I>Governing Law</I></B><I></I>. This Agreement shall be construed in accordance with
the laws of Delaware, except to the extent the laws of Nevada shall apply to the Merger
where mandated by the NRS. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, the undersigned officers of each of the parties to this Agreement,
pursuant to authority duly given by their respective boards of directors, have caused this
Agreement to be duly executed on the date set forth above. </FONT></P>
<BR><BR>

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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
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     <TD WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">POWELL INDUSTRIES, INC.,<BR>
a Delaware corporation<BR>
<BR>
<BR>
By:<u>/s/&nbsp;&nbsp;&nbsp;   THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>                                   <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas W. Powell, President<BR>
<BR><BR><BR><BR>
POWELL INDUSTRIES, INC.,<BR>
a Nevada corporation<BR>
<BR>
<BR>
By:<u>/s/&nbsp;&nbsp;&nbsp;   THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>                                   <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas W. Powell, President
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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