NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG
FOR: LENOX POLYMERS LIMITED
Shares Issued 12,481,193
CANADIAN DEALING NETWORK SYMBOL: LENP
July 17, 2000
Lenox Polymers Ltd.: News Release
TORONTO, ONTARIO--The Board of Directors of Lenox Polymers Ltd. announces the following appointments:
- Gregory Deacon has been elected Chairman, Interim-President, and Treasurer of the Company, following the sudden death of the company's founder, Kenneth R. Kurple. Mr. Deacon has been an investor since 1989 and a member of the Board since March 1999, and has spearheaded the company's drive to transform from its technological development stage to an income generating entity.
- Michael S. Skea as a Director of the Company. Mr. Skea, President of the Mosaic Group is a proven Marketing and Sales Executive with a solid track record of building sales and profits while managing change. His reputation as a disciplined thinker who develops solutions with strategic vision and entrepreneurial insight, and then gets things done, is a key reason for this appointment.
- Michael Sherman as a Director of the Company. Mr. Sherman a long-term supporter of Lenox, is a Structural Engineer, with extensive experience in project planning within the automotive industry. As an accomplished entrepreneur, his years of experience in managing and expanding a tier one supplier to the auto industry enhances the Board.
The company also wishes to announce that a Letter of Intent regarding a strategic alliance between Norampac Inc., Trenton Division and Lenox Polymers Ltd. has been exchanged. Norampac Inc. is the number one producer of containerboard in Canada, and the eighth largest in North America. Under this agreement, Lenox will have sufficient resources to go into the production and distribution of its lignin based resins. Entry into the particleboard pallet industry, and the lignin-based production of foam board, will also be possible. It is anticipated that the end user contracts will be confirmed once the final agreement between Norampac and Lenox is executed.
The company regrets the continued suspension of trading as a result of the late filing of financial statements. The financial records are now in the hands of the Auditors. The process has been slowed as a result of Mr. Kurple's death and the Board of Directors objective of full disclosure of all pertinent matters to the shareholders.
The Americanisation of the company has been placed on hold until the financial statements have been filed with the Ontario Securities Commission and the Board of Directors has determined the company's goals and objectives. |
