CEDAR RAPIDS, Iowa, Aug. 23, 2005 (PRIMEZONE) -- American Pallet Leasing, Inc. (OTCBB:APLS), a vertically integrated manufacturer and logistical supplier of pallets, announced today that James F. Crigler has been named President and Chief Executive Officer of the Company, effective August 23, 2005. Mr. Crigler, a Director of the Company since April 2004, has played a key role in the financial and management development of APL during the past year.
With an extensive background in Architectural design and building construction, Mr. Crigler was responsible for the design and development of several medium to large size subdivisions in the Greater St. Louis area in the mid-fifties. Due to his pioneering efforts with innovative construction techniques, in the Saint Louis market, he and his construction company earned the title "builder of the year" for 1956.
In 1961 Mr. Crigler worked with a major glass company to develop its contract division, and in 1968 he formed the glass and glazing division for Crescent Erection Company, which was engaged in erecting curtain walls and windows for major construction projects throughout the United States. Expanding on his experience with such projects, Mr. Crigler founded a company in 1972 that developed various techniques for installation of curtain walls and high-rise building cladding and windows.
Since 1980, Mr. Crigler has been a partner in C & L Associates, a tax accounting firm with offices in Glenview, Illinois and St. Petersburg, Florida. He is also a director of Cala Group, Inc., which owns certain U.S. and Canadian rights pertaining to the products of Bio-Claire International, a manufacturer of natural water purification products and systems.
Timothy R. Bumgarner will continue as APL's Chairman of the Board, and will focus primarily on market development.
About American Pallet Leasing Inc.
APL is a vertically integrated manufacturer and logistical supplier of pallets. The Company is engaged in an acquisition roll-up of strategically located wood pallet manufacturers and saw (lumber) mills. Management's goal is to create a "Closed Loop Distribution System" by transforming the $1.6 billion-per-year pallet business from a commodity industry into a logistics management enterprise that will supply and manage the pallet requirements of manufacturers and distributors. APL currently owns one saw mill and intends to acquire others as an efficient means of sourcing lumber for its wood pallet manufacturing operations. APL also holds patents on proprietary galvanized steel pallets and intends to begin manufacturing them upon receipt of additional capital. So far, all of APL's revenue has come from its sawmill operations, but the Company currently is negotiating management and logistics contracts to supply and manage the customers' complete pallet needs.
Disclosure Statement
The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. APL's intends that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things: (1) APL's' expected revenue and earnings growth; and (2) estimates regarding the size of target markets. These statements are qualified by important factors that could cause APL's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) APL's ability to obtain development financing as and when needed, (2) APL's ability to generate and sustain profitable operations; (3) the market's acceptance of APL's products and services; (4) significant competition from other pallet manufacturers and suppliers, and (5) APL's ability to protect its intellectual property. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties as more fully described in the company's periodic filings with the Securities and Exchange Commission.