Pallet Management Systems, Inc. Announces Management Change

Business Wire, March 20, 2002

Business Editors

CORAL SPRINGS, Fla.--(BUSINESS WIRE)--March 20, 2002

Pallet Management Systems, Inc. (OTC/BB:PALT), a leading provider of shipping platform solutions, today announced that its Board of Directors appointed Robert L. Steiler as the interim leader of the company's executive management after terminating the employment of Zachary M. Richardson as President effective March 15, 2002.

It has also appointed a special committee from its members to conduct a search for a new President of the company. Mr. Steiler has been a Director of the company since April 2000 and was a business consultant to the company from February 2000 to June 2001.

"Our executive management team has carried on with day-to-day business as the Board of Directors has elected to make a change at the President level. Bob is a respected member of our Board and works well with all levels of management in overseeing the operations of the company." said Marc Steinberg, Chief Financial Officer and Vice President of Pallet Management Systems. "Our combined focus continues to be making our company better and stronger as we move forward."

Pallet Management Systems focuses on total solutions for its customers' pallet and transport packaging needs through a wide variety of products and services, including manufacturing and distributing new and recycled pallets as well as reverse distribution services. The primary users of Pallet Management Systems' services are in dozens of manufacturing and distribution businesses, including the food and beverage; steel and metal; chemical and fluid; paper and fiber; automotive and printing industries. Pallet Management Systems currently employs more than 250 people at six locations, with affiliates nationwide. Additional information on the Company is available at www.palletnet.com.

"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-KSB for the year ended June 30, 2001, for a discussion of these and other risks and conditions applicable to the company's business.