FORT LAUDERDALE, Fla., Aug. 20, 2002 (PRIMEZONE) -- Carcorp USA ("CUSA") (OTCBB:CUSA) has announced new appointees to its Board of Directors. Furthermore, the Board intends to announce the appointment of its audit, compensation and nomination committee members after its first board meeting, which is scheduled for September 17, 2002.
The company is committed to following certain corporate governance mandates recommended by Nasdaq, since it contemplates a listing on that exchange in the fall of 2002. These include that the Board of Directors, when fully constituted, will be comprised of more independent individuals than company management, and that the audit committee will be comprised of all independent directors. Similarly, the Company will retain an independent advisor to the Board that will consult on corporate governance issues, as well as audit the Boards' actions in the monitoring of the actions of the Company's management.
The newest members of the Board of Directors consist of:
Claude R. Kirk, Director of Carcorp USA Inc., was the governor of the State of Florida from 1967-1971. His leadership as Florida's first Republican governor in the twentieth century resulted in the creation of the Florida Department of Environmental Protection and the Florida Bureau of Law Enforcement. Mr. Kirk served in both World War II and the Korean War. He also has an extensive career in insurance and finance, serving as the President of Madison Life & Casualty, founder and President of American Heritage Life Insurance Company, and as a Senior Partner of the Wall Street firm, Hayden, Stone.
Michael J. DeMeo, Director, President and CEO of Carcorp USA Inc., is the founder of the Company. He has spent the majority of his management career overseeing automotive sales, financing, marketing, customer relations, credit review, underwriting and approval, in both fleet and individual sales. Mr. DeMeo established the Company as a full recourse lender, as well as an independent financial leasing company specializing in standard and high-end autos, limousines, coach buses and heavy-duty trucks and trailers. Over the last four years, Mr. DeMeo has led Carcorp to a fourfold increase in revenues and profits.
Robert Minson, Director and COO of Carcorp USA, Inc., has over twenty-five years experience in all phases of lease financing and commercial lending. Mr. Minson has held senior management positions with Barclays Bank, managing one of the largest commercial loan divisions, and with GE Capital, as the Senior Loan Officer and team leader for the Mid-Market Leasing Division. Mr. Minson was also responsible for creating and operating a full service Small Business company for Bombadier Capital, a ten billion dollar Canadian-based manufacturing and financing company.
CEO and Chairman Michael DeMeo stated: "I have selected the members of the board because of their diverse experiences and the expertise that each can bring to Carcorp in order to achieve our short term and long term objectives. I did not want members of the board that would simply rubber stamp my decisions, but people whose history and business resumes indicate that they will bring independent thinking and suggestions to management in order to achieve our objectives. I anticipate appointing a minimum of two additional independent directors in the interim prior to our first official board meeting."
The Company also announced that Mr. DeMeo has certified the financial results for the recently filed 10Q, and while technically not required to do so by the new legislation recently enacted, this certification is an indication of the Company's commitment to the highest level of corporate governance. As well, the auditing firm for the Company, Merdinger, Fruchter, Rosen & Company, PC, will not be retained to do any consulting work on behalf of the company in order to maintain their objectivity when reviewing the financials of the company.
Forward-Looking Statements:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.
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