Envirokare and LRM Industries Announce Board Membership Changes
Oct 9, 2006
NEW YORK -- Envirokare Tech, Inc. (OTCBB:ENVK - News), and LRM Industries, LLC are pleased to announce changes to their Board of directors and senior management. Envirokare, through its joint venture interest in LRM, is developing state-of-the-art TPF ThermoPlastic Flowforming™ technology, which produces proprietary long-fiber reinforced and unreinforced thermoplastic products.
Envirokare Board of Directors has unanimously elected Mr. Louis F. Savelli as its new Chairman of the Board and CEO. The position was vacated by Dr. Nicholas Pappas who will continue to serve the Envirokare Board as an advisor and Chairman of the Board's Technology Committee. Additionally, Mr. Paul G. Gillease, former Group Vice President of E. I. DuPont de Nemours and Company ("DuPont"), has been elected Director of the Envirokare Board. Mr. Gillease brings a strong marketing and international chemical industry background to the Board.
The LRM Board of Directors has unanimously elected Dr. E. Gary Cook as its new Chairman of the Board. The position was vacated by Dr. Nicholas Pappas who will continue to serve the LRM Board as Chairman of its Technology and Licensing Committee. Mr. Dale Spiess, Sr. V.P., President Olefins/Polyolefins, has resigned from the LRM Board following his retirement from Nova Chemicals, Inc. Mr. Louis F. Savelli and Mr. Antonio (Tony) Torres, V.P. Business Development - Styrenics, have been elected Directors to the LRM Board filling their vacancies.
Dr. Nicholas Pappas stated, "I am extremely pleased that the Envirokare and LRM Boards will have the strong and dedicated leadership from such accomplished industry leaders as Mr. Louis Savelli and Dr. Gary Cook. Both Boards will be significantly strengthened by these changes. Further, our choice to partner with Nova Chemicals, Inc., to bring our TPF ThermoPlastic Flowforming™ technology to the marketplace has proven to be an outstanding one. I have high expectations for the future of LRM and for the value this will bring to Envirokare shareholders and to Nova Chemicals, Inc."
About the TPF ThermoPlastic Flowforming™ Process and Technology:
The TPF ThermoPlastic Flowforming™ process utilizes a broad range of thermoplastic and thermoset polymers and reinforcing fibers. This process enables the production of large, complex parts at low cost, through the utilization of low-pressure presses and inexpensive molds. Management believes that LRM customers will experience the benefits of utilizing the TPF ThermoPlastic Flowforming™ process and technology when compared to existing production methodologies, such benefits including improved production efficiencies, enhanced product quality and production cost savings.
LRM Industries, LLC was formed to commercialize TPF ThermoPlastic Flowforming™ technology through development, manufacturing and licensing. LRM is a joint venture of NOVA Chemicals, Inc. and Envirokare Composite Corporation (a unit of Envirokare Tech, Inc.).
TPF ThermoPlastic Flowforming™ is an emerging process technology for the low pressure, fully-automated molding of long-fiber-reinforced ("LFRT") and unreinforced thermoplastic large structural parts providing enhanced mechanical properties through, in the case of LFRT, the randomization and preservation of fiber length in molded parts. LFRT and unreinforced molded products represent two of the fastest growing segments of the worldwide molded plastics market with applications replacing conventional materials such as steel, aluminum, wood, fiberglass and cement, in nearly all major industrial markets. The worldwide market for LFRT and unreinforced products is estimated to be a multi-billion pound opportunity with double-digit growth rates currently and into the future. The enhanced mechanical properties of TPF ThermoPlastic Flowforming™ molded products, coupled with low material costs (including the use of recycled polymers) and low conversion costs, make TPF ThermoPlastic Flowforming™ patented technology a strong contender for this multi-billion pound opportunity.
Envirokare welcomes inquiries regarding their products and programs. Interested parties are also directed to the SEC's EDGAR informational system to obtain currently filed Envirokare corporate information.
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.
