Exhibit 99.1

FOR IMMEDIATE RELEASE

For more information, contact:

Debbie Bockius

636-728-3031

THERMADYNE HOLDINGS CORPORATION ANNOUNCES

2011 THIRD QUARTER RESULTS

ST. LOUIS, MO – November 9, 2011 – Thermadyne Holdings Corporation today reported results for the three and nine months ended September 30, 2011.

Basis of Presentation

On December 3, 2010, Thermadyne Holdings Corporation (“Company”) was acquired by affiliates of Irving Place Capital. Although the Company continued as the same legal entity, the assets acquired and liabilities assumed were adjusted to fair value as of December 3, 2010, except for deferred income tax liabilities, in accordance with the accounting guidance for business combinations. For accounting purposes, the old reporting entity was terminated and a new reporting entity was created. Accordingly, the consolidated financial statements are presented for the entity succeeding the acquisition (“Successor”) and the entity preceding the acquisition (“Predecessor”) for the period ended September 30, 2011 and 2010, respectively.

Financial Review for the Quarter Ended September 30, 2011

Net sales in the third quarter of 2011 were $124.9 million, an increase of 17.3% as compared to the third quarter of 2010. Stated in local currencies, net sales increased 12.8%, with U.S. sales increasing 14.6% and international sales increasing 10.8%.

Gross margin in the third quarter of 2011 was 33.8% of net sales as compared to 34.4% of net sales in the prior year third quarter. During the third quarter of 2011, the Company recorded in cost of goods sold $1.1 million of additional depreciation which relates to the fair value purchase accounting adjustment to equipment and facilities. In addition, the third quarter of 2011 includes $0.6 million of LIFO inventory accounting method expense. Excluding these non-cash expenses, gross margin, as adjusted, was 35.2% in the third quarter of 2011. There were no corresponding adjustments in the third quarter of 2010.

Additionally, the third quarter of 2011 included a $1.2 million inventory write-off associated with restructuring activities. Excluding this impact and the aforementioned non-cash expenses, gross margin, as adjusted, was 36.2% in the third quarter of 2011.

Selling, general and administrative (“SG&A”) expenses were $25.0 million, or 20.0% of net sales, in the third quarter of 2011 compared to $23.6 million, or 22.1% of net sales, in last year’s third quarter. This increase in SG&A expenses is equally attributable to increased salary and benefit costs and foreign currency translation.

On September 14, 2011, the Company announced it will be consolidating its welding equipment manufacturing operations based in Pulau Indah, Malaysia, with its operations in Rawang, Malaysia and Ningbo, China. This is in addition to the restructuring plan previously announced in the second quarter to consolidate certain North American operations. These restructuring actions are in line with the Company’s efforts to improve operating efficiencies and lower the fixed cost structure as part of its longer term goal to improve operating margins. In total, the Company recorded pre-tax charges of $2.4 million in the third quarter of 2011 and expects ultimately to record aggregate pre-tax charges of approximately $8.0 million as a result of these restructuring activities. The Company expects to have substantially completed these activities by December 31, 2011.

Interest expense was $6.1 million in the third quarter of 2011 and $5.0 million in the third quarter of 2010. The average outstanding indebtedness in the 2011 third quarter of $265 million was approximately $73 million higher than the average indebtedness outstanding during the prior year third quarter. The effective interest rate in the third quarter of 2011 of 9.0% was approximately 110 basis points less than in the third quarter of 2010.

For the 2011 third quarter, the income tax expense represented an effective income tax rate of 16.8% as compared to 33.0% in the prior year third quarter. The decrease in the 2011 effective tax rate is a result of higher U.S. taxable income, thereby allowing for the release of substantial valuation allowances that were previously established on net operating loss carryovers. For 2010, the effective tax rate of the Predecessor reflects the benefit of net operating loss carryovers to offset U.S. taxable income.

For the third quarter of 2011, the Successor earned net income of $5.5 million and the Predecessor earned net income of $4.8 million during the third quarter of 2010. The third quarter of 2011 reflects $2.7 million of pre-tax depreciation and amortization expenses related to the values assigned to assets in connection with the acquisition.

Financial Review for Nine Months Ended September 30, 2011

Net sales for the nine months ended September 30, 2011 were $370.6 million, an increase of 18.9% as compared with the net sales of $311.7 million in first nine months of 2010. Stated in local currencies, net sales increased 14.7% with the U.S. sales increasing 21.1% and international sales increasing of 7.2%.

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Gross margin in the nine months ending September 30, 2011 was 33.3% of net sales as compared to 33.9% of net sales in the prior year’s first nine month period. During the first nine months of 2011, cost of goods sold reflects $6.8 million of manufacturing costs associated with fair value purchase accounting adjustments for inventory and equipment and facilities. In addition, the first nine months of 2011 includes $2.1 million of LIFO inventory accounting method expense. Excluding these non-cash expenses, gross margin, as adjusted, was 35.7% in the first nine months of 2011.

Additionally, the third quarter of 2011 included a $1.2 million inventory write-off associated with restructuring activities. Excluding this impact and the aforementioned non-cash expenses, gross margin, as adjusted, was 36.0% in the first nine months of 2011.

SG&A expenses were $77.6 million, or 20.9% of net sales, and $69.7 million, or 22.4% of net sales, for the nine months ended September 30, 2011 and 2010, respectively. This increase is attributable to foreign currency translation and increased incentive compensation, salary and benefit costs and management fees.

On September 14, 2011, the Company announced it will be relocating its welding equipment manufacturing operations based in Pulau Indah, Malaysia, to its facilities in Ningbo, China. This is in addition to the restructuring plan previously announced in the second quarter to relocate certain North American operations. These restructuring actions are in line with the Company’s efforts to improve operating efficiencies and lower the fixed cost structure as part of its longer term goal to improve operating margins. In total, the Company recorded pre-tax charges of $3.0 million in the first nine months of 2011 and expects ultimately to record aggregate pre-tax charges of approximately $8.0 million as a result of the relocation plans. The Company expects to have substantially completed its relocation activities by December 31, 2011.

Interest expense was $18.5 million during the nine months ended September 30, 2011, as compared to $17.3 million in the first nine months of 2010. Average outstanding indebtedness was $89 million greater in 2011 and the effective interest rate of 8.5% in 2011 was approximately 280 basis points less than during the first nine months of 2010.

For the nine months ended September 30, 2011, the Company recorded income tax expense at an effective income tax rate of 36.3%, as compared to a 30.5% effective rate for the comparable 2010 period. The current year effective tax rate exceeds the federal statutory rate primarily due to the deemed U.S. taxation of foreign earnings without an offsetting benefit for foreign tax credits. For 2010, the effective tax rate of the Predecessor reflects the benefit of net operating loss carryovers to offset U.S. taxable income.

For the first nine months of 2011, the Successor earned net income of $11.4 million and the Predecessor earned net income of $9.7 million during the first nine months of 2010. The first nine months of 2011 reflects incremental pre-tax cost of goods sold and depreciation and amortization expense of $11.3 million related to the values assigned to assets in connection with the acquisition.

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Cash Flows from Operating Activities and Liquidity

Cash flow from operating activities provided $3.2 million of cash in the first nine months of 2011 while the first nine months of 2010 provided $25.5 million of cash. This decrease in cash provided reflects increased inventory levels in 2011 as well as the benefit of the early payments of supplier invoices and customer rebates during the fourth quarter of 2009. These early payments reduced cash usage requirements by approximately $14 million in the first nine months of 2010.

As of September 30, 2011, combined cash and availability under the Company’s Working Capital Facility was $75 million.

Adjusted EBITDA

In the third quarter of 2011, Adjusted EBITDA was $22.8 million, or 18.2% of net sales, compared to $16.0 million of Adjusted EBITDA, or 15.0% of net sales, in the 2010 third quarter for the Predecessor. For the nine months ended September 30, 2011, Adjusted EBITDA was $66.0 million, or 17.8% of net sales, compared to $44.7 million of Adjusted EBITDA, or 14.3% of net sales, in the comparable period of 2010 for the Predecessor.

Outlook for 2011

Martin Quinn, Thermadyne’s Chief Executive Officer commented, “The strong U.S. market demand we experienced in the first half of 2011 has continued through the third quarter along with solid demand from Latin America and Asia. Sales of plasma cutting equipment and recently released new welding products have been especially encouraging.”

“In the fourth quarter of 2011, we will continue to focus on the completion of the restructuring of our manufacturing operations to maximize the efficiency of our operating assets and to provide exceptional service for our customers,” concluded Mr. Quinn.

Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, and Gross Margin, as adjusted (“our Non-GAAP Measures”), as presented in this discussion, are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income, income from continuing operations or any other performance measures derived in accordance with GAAP or as alternatives to cash flow from operating activities as measures of our liquidity.

The Company defines “Adjusted EBITDA,” as earnings before interest, taxes, depreciation, amortization, LIFO adjustments, cost of sales charges for values in excess of manufactured costs assigned to inventory acquired December 3, 2011, stock-based compensation expense, severance accruals and restructuring costs and losses on debt extinguishments. Our Non-GAAP Measures may not be comparable to similarly titled measures of other companies. However, we believe these measures are meaningful to our investors to enhance their understanding of our operating performance across reporting periods on a consistent basis, as well as our ability to comply with the financial covenants of our existing material debt agreements and service our indebtedness. Although EBITDA and Adjusted EBITDA are not necessarily measures of our ability to fund our cash needs, we understand that they are frequently used by securities analysts, investors and other interested parties as measures of financial performance and to compare our performance with the performance of other companies that report EBITDA and Adjusted EBITDA. Adjusted EBITDA facilitates the reader’s ability to compare current period results to other periods by isolating certain noteworthy items of income or expense, such as those detailed in an attached schedule. Adjusted EBITDA is reflective of management measurements which focus on operating spending levels and efficiencies and less on the non-cash and noteworthy items.

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Our Non-GAAP Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as a comparative measure. Because of these limitations, our Non-GAAP Measures should not be considered as measures of discretionary cash available to use to invest in the growth of our business or as measures of cash that will be available to use to meet our obligations. Investors should compensate for these limitations by relying primarily on our GAAP results and using our Non-GAAP Measures as supplemental. We provide a presentation of net income (loss) as calculated under GAAP, which we believe is the most directly comparable GAAP measure, reconciled to our EBITDA and Adjusted EBITDA in the schedule below. We also provide a reconciliation of gross margin as reported within the Condensed Consolidated Statements of Operations to Gross Margin, as adjusted.

The financial statement information presented in accordance with GAAP and the Non-GAAP Measures have not been reviewed by an independent, registered public accounting firm.

Conference Call

Thermadyne will hold a teleconference on November 10, 2011 at 11:00 a.m. Eastern.

To participate via telephone, please dial:

    (Conference ID 8812444 / Passcode: THERMADYNE)

Those wishing to participate are asked to dial in ten minutes before the conference begins. For those unable to participate in the live conference call, a transcript of the call will be posted to the Thermadyne website at www.Thermadyne.com within 24 hours following the call.

About Thermadyne

Thermadyne, headquartered in St. Louis, Missouri, is a leading global manufacturer and marketer of metal cutting and welding products and accessories under a variety of leading premium brand names including Victor^®, Tweco^®, Arcair^®, Thermal Dynamics^®, Thermal Arc^®, Stoody^®, TurboTorch^®, Firepower^® and Cigweld^®. For more information about Thermadyne, its products and services, visit the Company’s web site at www.Thermadyne.com.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. These risks and factors are set forth in documents the Company files with the Securities and Exchange Commission, specifically in the Company’s Registration Statement on Form S-4 declared effective by the SEC on July 1, 2011 and other reports it files from time to time.

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THERMADYNE HOLDINGS CORPORATION

FINANCIAL HIGHLIGHTS

(In thousands)

UNAUDITED

Schedule 1

Condensed Consolidated Statements of Income

Notes: Successor statement of operations for the three and nine months ended September 30, 2011 includes incremental expenses related to values assigned to assets on December 3, 2010.

THERMADYNE HOLDINGS CORPORATION

FINANCIAL HIGHLIGHTS

(In thousands)

UNAUDITED

Schedule 2

THERMADYNE HOLDINGS CORPORATION

FINANCIAL HIGHLIGHTS

(In thousands)

UNAUDITED

Schedule 3

Condensed Consolidated Cash Flow Data

THERMADYNE HOLDINGS CORPORATION

FINANCIAL HIGHLIGHTS

(In thousands)

UNAUDITED

Schedule 4

Reconciliations of Net Income to EBITDA (1) and Adjusted EBITDA (1)

THERMADYNE HOLDINGS CORPORATION

NET INCOME AND OTHER INFORMATION—TRAILING FIVE QUARTERS

(In thousands)

UNAUDITED

Schedule 5