Landstar Announces Dayton Facility Commences Production
17 November 1999
Landstar Announces Dayton Facility Commences Production
DAYTON, Ohio--Nov. 17, 1999--Landstar Inc. (OTC BB: LDSR) has commissioned its production demonstration facility and has commenced production of demonstration quantities of Activated Modified Rubber (AMR). Physical and chemical analysis has confirmed that the application of the technology to North American whole tire crumb has produced AMR with excellent processability, elongation and tensile characteristics. The Company has designed and commenced a testing program for a series of benchmark tests to be conducted by an independent testing facility.The Company has supplied test quantities of Dayton produced AMR to a large tire manufacturer for testing pursuant to their objective of increasing the recycle content in new tires. Customer supplied crumb rubber will be processed into AMR by the Company in the near future as a further step in this evaluation of AMR. Currently, tire manufacturers use a small percentage of ultra-fine crumb as an extender/filler in new tires. To increase this percentage, the recycled material must be devulcanized in order to become an active ingredient i also now positioned to activate marketing with a number of Customer contacts that have previously indicated a strong interest in the possibilities of AMR application in their production.
The Company advises that Mr. Robyn Durling and Mr. Michael Rogge have tendered their resignations as Directors of the Company. The Company expresses its appreciation for their valuable services during its critical formative period of operations. The Company is pleased to announce the appointment to the Board of Directors of Mr. Phil Pimlott, Dr. Ian Hadfield and Mr. Scott Randolph. Mr. Pimlott is a senior executive with an extensive management background in both the public and private sectors. Mr. Pimlott's previous experience in co-founding and developing a thriving computer technical support organization will greatly assist the Company in its anticipated rapid growth and systems development. Dr. Hadfield is a successful and highly respected Victoria periodontist who has been very active in various business and community service organizations. Dr. Hadfield, currently President of the Victoria Golf Club, is a significant investor and supporter of the Company. Mr. Randolph is a management consultant with an industrial engineering background who is based in Tulsa Oklahoma and teaches project management on a cross-industry basis world-wide. Mr. Randolph brings to the Board a strong international project management systems input.
The Company is reorganizing its Investor Relations program and has appointed Mr. Terry Karpiuk as Vice-President of Corporate Relations. Mr. Karpiuk is a former experienced investment and insurance broker who has achieved membership in the prestigious million dollar round table. Mr. Karpiuk is responsible for Investor Relations and Corporate Finance.
Landstar's mission is to become a significant raw materials supplier to the North American rubber and latex product manufacturing industries through the application of its unique and proprietary recycling technology.
On behalf of the Board of Directors D.E. Fimrite, President
No Stock Exchange or Securities Commission has approved nor disapproved the statements in this release. Any statements that are not strictly historical are "forward-looking statements" made pursuant to the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995 and within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward- looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to a number of risks and uncertainties that may affect actual events or results materially. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.