Pallet Management Systems, Inc. Holds Annual Meeting of Shareholders

Business Wire, April 28, 2000

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--April 28, 2000

Pallet Management Systems, Inc. (OTCBB:PALT) announced today that it had elected three new outside directors to its Board of Directors at its annual meeting of shareholders. Philip Feltman, Robert Steiler and Ronald Shindler were elected to join David Sass on the Board.

Prior to the meeting, John C. Lucy, III, Donald Radcliffe and Zachary Richardson resigned from the Board and declined to stand for election at the shareholders' meeting. Mr. Lucy remains Chief Executive Officer and Mr. Richardson remains President.

David Sass was elected Chairman of the Board and commented that "in accordance with evolving standards of corporate governance, I am pleased to announce that we have a board consisting solely of outside directors and we look forward to working closely with management to further our corporate goals."

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 leader in total solutions for pallet and other transport packaging requirements and offer a wide variety of products and services, from manufacturing to reverse distribution services. The primary users of Pallet Management Systems' are companies from various industries including; food and beverage; steel and metal; chemical and fluid; paper and fiber; and printing.

"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 26, 1999, for a discussion of these and other risks and conditions applicable to the company's business.