Pallet Management Systems, Inc. Strengthens Senior Management Team With Industry Veteran

Business Wire, Feb 3, 1999

BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 3, 1999--Pallet Management Systems, Inc. (OTC BB:PALT) today announced the appointment of David Shumate as executive vice president in charge of company sales and operations, reporting directly to company president Zachary Richardson.

Mr. Shumate has an extensive senior management background in sales and operations. He most recently held several upper management positions with Chep Americas, one of Pallet Management Systems' major customers. Mr. Shumate is also a retired Lt. Colonel, having served 27 years with the U.S. Army reserves.

"Mr. Shumate is an industry veteran, bringing a solid understanding of the pallet business to our management team," said John Lucy III, chairman. "His business capabilities combined with his knowledge and relationship with Chep should help strengthen and accelerate our growth."

Pallet Management Systems' new executive vice president joins the company during an aggressive expansion program, which includes opening several new pallet manufacturing facilities.

Pallet Management Systems, Inc. is the first publicly traded pallet company in the United States in the estimated $6 billion U.S. pallet industry. The company is a pioneer and leader in pallet supplies, pallet retrieval, pallet repair, and packaging logistics management.

"SAFE HARBOR" STATEMENT

Except for the historical information contained herein, certain of the matters discussed in this press release are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices, labor costs, interest rates, consumer confidence, competition, environmental factors, and governmental regulations affecting the company's operations. See the company's Form 10-K for the year ended June 27, 1998, for a discussion of these and other risks and conditions applicable to the company's business.