SOURCE: Fittipaldi Logistics, Inc.

July 17, 2007 08:30 ET

Reilly Assumes Duties of CEO

BOCA RATON, FL--(Marketwire - July 17, 2007) - Fittipaldi Logistics, Inc. (OTCBB: FPLD), "dedicated to improving transportation and the environment, through intelligent information management, and time critical environmental solutions," announces that Frank P. Reilly has fully assumed the duties of CEO, of both the parent company and its newly formed subsidiary, Fittipaldi Environmental Solutions.

Mr. Reilly, age 42, is a longtime shareholder in the company. He has represented Emerson Fittipaldi's business interests for three years. In May 2006 he was named Exec. V.P., and in April 2007, Mr. Reilly was nominated by Emerson Fittipaldi to fill a seat on the company's Board of Directors.

Mr. Reilly has focused on two major priorities: first, the beneficial re-structuring of the company's debt, as evidenced by his successful negotiation of a deal with Cornell Capital Inc., which will result in the repayment of approximately $2 Million in debt to Cornell and their removal as a creditor; and second, the focusing of the company's software products on the environmental market. This change of focus led directly to the formation of Fittipaldi Environmental Solutions, which facilitated the integration of the company's world class software into the lucrative environmental market. Mr. Reilly has also made operating efficiency a priority, and has reduced Fittipaldi's burn rate to a level approaching the break-even point. Mr. Reilly states, "We find ourselves at the right time and place to utilize our state-of-the-art enterprise software, not only in freight transportation but also as a means of validating and verifying reduction in fuel consumption and the reduced emissions of greenhouse gases. This information is available on demand to the user."

About Fittipaldi Logistics, Inc.

Fittipaldi Logistics, Inc. is a technology company that specializes in providing pertinent, real-time information to the worldwide transportation and security industries. Our telematics solutions collect vehicle and container-based data and integrate it with information gathered from various disparate legacy systems across the supply chain. The data is then synthesized and reformatted into valuable, actionable information, and delivered to appropriate end-users across the logistics value chain through secure web-based applications. Specific offerings include: vehicle tracking, inventory/asset visibility, secure trucking, matching available freight with available trucks, and many others. In addition, through Fittipaldi Environmental Solutions, the company has adapted its product to provide critical information enabling verification of fuel savings and reduction of harmful emissions.

This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: we have a history of losses and an accumulated deficit, expect losses to continue for the foreseeable future and will need to raise additional working capital in order to implement our business model and sustain our operations; the loss of one or more of our major customers could materially and adversely effect our future revenue and business operations; as well as those factors discussed under "Risk Factors" in our Annual Report on form 10-KSB filed on October 13, 2006 and various disclosures in other reports filed from time to time with the United States Securities and Exchange Commission.

Contact Information

  • Contact Information:
    Fittipaldi Logistics' Corporate Investor Relations
    (866) 998-7557 x 301