Envirokare Tech Inc. Elects Industry Leader as Executive Chairman
ORLANDO, Fla.--Oct. 1, 20034, 2003--Envirokare Tech, Inc. announced that the Board of Directors of Envirokare Tech Inc. has elected Dr. Nicholas Pappas as Executive Chairman of the Board of the Company. This is the second major appointment bringing together experienced industry professionals to commercialize the TPF(TM) process.Mr. Steve Pappas, former Chairman, praised Mr. George Kazantzis' efforts in bringing yet another industry leader to the Company and welcomed Dr. Pappas to the Board, saying, "As a young company, Envirokare is indeed most fortunate to have such an experienced and highly regarded industry leader as Dr. Pappas accept this critical role." (Dr. Pappas and Steve Pappas are not related.)
Dr. Pappas retired from the DuPont Company after 34 1/2 years of service where he was Executive Vice President and Member of DuPont's Executive Committee. His background at DuPont was in coatings and polymers technology. After DuPont, Dr. Pappas served as President and Chief Operating Officer of Rollins Environmental Services and later Vice Chairman of the Board from July 1991 to March 1996.
He is a member of the Advisory Board for the Yale Institute for Biospheric studies, Vice Chairman of the Board of Biotraces, Inc. and a member of the Boards of Directors of Yenkin Majestic Paint Co. and Integrated Environmental Technologies. He is a former Director of Nova Chemicals, Witco Chemicals and Chemfab Corporation where he was Chairman of the Board.
Dr. Pappas has a Bachelor of Science degree in chemistry from Yale University and a Ph.D. degree in organic chemistry from Brown University.
Dr. Pappas stated, "I am pleased and honored to be appointed to this important role in Envirokare. Envirokare has a patentable, economically attractive and environmentally friendly processing technology which should play an important role worldwide in the production of high performance composite products."
He congratulated Steve Pappas for his foresight and guidance in bringing Envirokare to its now commercial phase and praised Dr. Dale Polk, the inventor of the technology for his creative work that formed the foundation of the Company. He is pleased to be working again with Dr. John Verbicky, President and CEO of Envirokare, renewing the working relationship they enjoyed at Chemfab Corporation.
Dr. Pappas stated that he was pleased that Mr. Steve Pappas will remain as a Director of the Company and that his experience and enthusiasm will be retained. In addition, Mr. Steve Pappas has agreed to accept responsibility for new business development for the Company.
Envirokare, under an exclusive license, is a marketer of the state-of-the-art TPF composite technology developed by Thermoplastic Composite Designs, Inc. (TCD). The proprietary TPF process features in-line compounding, automated low-pressure material delivery system, providing high long strand survivability rate and part forming of long-fiber reinforced large structural parts. The license provides for use of the TPF technology to develop, produce, sub-license and market a wide array of products. Envirokare holds an irrevocable option to cause its ECC subsidiary to merge with TCD, pursuant to a merger agreement entered into by the parties.
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "anticipate," "believe," "expect," "intend to," and similar conditional expressions are intended to indemnify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, and other risks.