Central Industries Corporation Inc.

December 12, 2008 17:14 ET

Central Industries Corporation Inc. Announces Appointment of the President and CEO, Creation of Litigation Committee and Compensation Committee, and Change of Directors

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2008) - Central Industries Corporation Inc. (TSX VENTURE:CND.A)("CICI") is pleased to announce the appointment of George Michaels as President and CEO. Mr. Michaels is replacing Zoran Konevic in those positions.

Change of Directors

CICI also announces that Mr. Waldo Baerg, Mr. Larry Ginsberg and Mr. Zoran Konevic have resigned as Directors of CICI. CICI is pleased to announce the appointment of Mr. Vince Adams as a Director.

Appointment of Zoran Konevic as Chairman of the Board

CICI is pleased to announce the appointment of Zoran Konevic as a Chairman of the Board of Directors.

"I am thankful to Central Industries for the opportunity and look forward to working closely with George Michaels and the Board of Directors in making Central Industries bigger and stronger", said Zoran Konevic, Chairman of the Board of Directors.

Litigation Committee

CICI also announces that it has created a Litigation Committee and appointed Mr. Konevic to lead the Litigation Committee. The other member of the Committee is Mr. Mauro Cerullo, a Director of the Company. The Mandate of the Litigation Committee is to address and review various outstanding claims between the Company, George Michaels and others.

Compensation Committee

CICI also announces that it has formed, a Compensation Committee comprising of Mr. Mauro Cerullo and Mr. Vince Adams, both of whom are independent directors.

About Central Industries Corporation Inc.

CICI operates a federally inspected, HACCP approved, meat processing company that converts wholesale cuts from a hog carcass or "primal meat cut" and converts smaller cuts derived from the primal cuts or "sub primal meat cuts" into fresh-boxed pork and case ready products, hams and boneless picnic loins for shipment to its customers. CICI's products are marketed and sold to Canadian national and regional grocery chains, as well as in the Asian-Pacific market and other international markets. In addition, it is aggressively looking to expand into profitable niche businesses in food processing and other industries.

This News Release may contain certain forward-looking statements, which statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "anticipate", "estimate", "predict", "plans", or "continues" or the negative thereof or any other variations thereon or comparable terminology referring to future events or results. Forward looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including without limitation, the need for regulatory approval, marketing/manufacturing and partnership/strategic alliance risks, the effect of competition, uncertainty of the size and existence of a market opportunity for the Company's products, as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company's anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statement if those beliefs, opinions or expectations, or other circumstances should change.

The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information

  • Central Industries Corporation Inc.
    Zoran Konevic
    Chairman of the Board
    (905) 272-3133