D.M. - Morgan - Firestone Steps Down As Chairman Of Glendale; Edward C. Hanna Appointed Chairman

    OAKVILLE, Ontario--May 15, 2003--Glendale International Corp. (TSX:GIN) today announced that Mr. D.M. (Morgan) Firestone has stepped down as Chairman of the Board of Directors of the Corporation, effective immediately. Mr. Firestone will continue to serve as a Director of the Corporation. Mr. Edward C. Hanna, President and Chief Executive Officer of the Corporation will succeed him as Chairman.
    The Corporation also reported Mr. Firestone has, for some time now, given careful consideration to an appropriate succession plan which would best serve the Corporation, its shareholders, employees and other stakeholders going forward. Mr. Firestone has concluded that everyone's interests would be best served if he were to relinquish control of the Corporation and sell his share position to the Corporation's senior management group consisting of Mr. Hanna, Mr. Mullan, Mr. Szabo, Mr. Bourne, Mr. Kearns and Mr. Bateman. As a result, Mr. Firestone has entered into discussions with members of that group with a view to attempting to achieve that result on mutually acceptable terms. Although these discussions are at the final stages, no binding agreement is yet in place to conclude this arrangement.
    Glendale International Corp. is a diversified Canadian company, that operates through autonomous subsidiaries in Canada and the U.K. The Corporation is the largest Canadian manufacturer of recreational vehicles (RVs) and sells its extensive product range through dealers in Canada and the U.S. Glendale's other subsidiaries include U.K.-based Fernau Avionics, Quality Plastics and Firan Technology Group which operates Graphico Edgelit and Graphico Precision. Glendale trades on the Toronto Stock Exchange under the symbol GIN.