SOURCE: TrenStar

August 26, 2005 16:31 ET

TrenStar CEO Greg Cronin Resigns

DENVER, CO -- (MARKET WIRE) -- August 26, 2005 -- TrenStar's president and chief executive officer, Greg Cronin, resigned today from the leading mobile asset management company to pursue other professional interests.

Alex Brown, formerly a senior executive and main board member of TrenStar's largest shareholder, Trencor Limited, has taken over as executive chairman of TrenStar.

Cronin served as TrenStar's president and chief executive officer from September 2001 through the present, a period of sound growth for the mobile asset management company. Cronin will remain as a special advisor to the TrenStar board and will assist the company and its chairman as required to ensure a smooth transition.

"I am extremely proud of TrenStar's accomplishments over the past few years, and of the TrenStar employees who are behind these successes," Cronin said. "TrenStar is well-positioned for continued success, based on its market leadership in mobile asset management, its revenue growth acceleration and its talented management team."

"Greg has done an excellent job in creating a top-notch mobile asset management company," said Jim Hoelter, TrenStar's chairman of the board. "While we understand his decision, he will be missed by employees and all those associated with TrenStar. We are pleased that Greg will be available to assist the company during this transition phase and beyond," Hoelter added.

"During his tenure, TrenStar has grown from $2 million in revenue to more than $51 million in 2004 and with what is now a commanding leadership position in the market for mobile asset management," said Hoelter. "Greg has also built a solid management team that has led TrenStar through this period of intense growth and change. We thank Greg for his leadership and we have the highest level of confidence in the entire team's ability to continue to execute on the company's goals, including driving sales growth of our mobile asset management solution."

About TrenStar

TrenStar is the first company to offer mobile asset management. From the start in 2001, TrenStar's singular mission has been to buy, track and manage high-value containers for customers throughout asset-intensive industries. TrenStar offers one complete outsourced solution that combines asset acquisition, tracking technology and management services all for a per-use fee, so customers, and eventually entire industries, reduce operating expenses, improve customer service and manage assets and their contents effectively. TrenStar's clients include Carlsberg UK, Coors Brewers Limited, Kraft and Goodyear. Consistently ranked one of the top software developers in the Denver area and named a Deloitte Technology Fast 500 Rising Star in North America in 2004, TrenStar has offices in Denver, the United Kingdom, Australia and South Africa. TrenStar is privately held, and the primary shareholders are Trencor Limited, The Carlyle Group and the Leede Companies. On the Net: www.trenstar.com

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