FOR FURTHER INFORMATION PLEASE CONTACT:
Pallet Pallet Inc.
Timothy Fussner
Investor Relations
(416) 531-6111
(416) 531-6140 (FAX)
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PALLET PALLET INC.
CANADIAN DEALING NETWORK SYMBOL: PPAL
JANUARY 12, 1999
Pallet Pallet Appoints New President And CEO, And CFO
TORONTO, ONTARIO--Douglas Moore, Chairman, President and Chief
Executive Officer, Pallet Pallet Inc., announced today the
appointment of Corbett Lenz as interim President and Chief
Executive Officer for all Pallet Pallet operations. Mr. Moore also
named Thomas Hoefert as Chief Financial Officer, replacing Gary
Stanton who will remain with the Company as Treasurer and
Executive Vice President. Mr. Stanton will devote his energies
toward future expansion and growth opportunities for the
corporation. To further support these changes, the Company will
relocate corporate headquarters to Dallas, Texas effective
February 1, 1999.
Mr. Lenz, a Pallet Pallet board member, brings years of financial
and manufacturing experience to the Company. Mr. Hoefert has held
the position of Chief Financial Officer at leading publicly traded
companies on both the NYSE and NASDAQ.
Mr. Moore further stated, " the Company has reached a critical
point in its return to profitability and the experience and skills
that Mr. Lenz and Hoefert bring to Pallet Pallet will place
increased emphasis on day-to-day operations." The Company is
actively seeking a permanent President and Chief Executive Officer
and will make that announcement when negotiations are complete.
Mr. Moore, who will stay active in the Company as Chairman of the
Board, will be pursuing the development of other growth prospects
that exist in the marketplace.
Pallet Pallet Inc. operates one of North America's largest
integrated distribution networks for new and recycled wood
pallets, reusable plastic pallets and containers, and related
products. The Company has 112,523,426 outstanding shares and is
listed on the Canadian Dealing Network under the symbol "PPAL".
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