Bear Sterns to Assist in Expanding Genmar VEC Technology

07 June 2002

Genmar has engaged the investment banking firm of Bear, Stearns & Co to help evaluate strategic opportunities to maximize the market potential for its VEC technology outside the marine industry.

Genmar first began experimenting with VEC technology in 1998 when it purchased Pyramid Operating Systems, the company that held all VEC intellectual properties and patents. Since purchasing Pyramid, Genmar has perfected the VEC technology and process for building fiberglass boats. Today, after successfully producing and selling more than 10,000 VEC boats, it has become clear that, in the near future, all of Genmar's fiberglass boats will be made using the VEC process. After nearly 50 years of little to no change in the traditional open face molding process, Genmar believes its VEC technology will forever change the way fiberglass boats are built. While Genmar has been focused on testing and perfecting VEC for its boat manufacturing operations, it believes VEC has discovered many other industrial applications beyond building boats. In fact, Genmar believes the potential applications for VEC are far greater outside the marine industry than within.

Irwin L. Jacobs, Chairman of Genmar, stated, ""Genmar has perfected the VEC technology for building fiberglass boats. Based on our success and the many inquiries we have received from companies outside the marine industry, some of which are among the world's most sophisticated and largest corporations, we believe VEC has many commercial applications beyond the marine industry. To insure we consider all options, Genmar has retained Bear Stearns to help evaluate all VEC alternatives to find the right strategic partner to capitalize on the significant worldwide market opportunities we see for VEC.""

VEC (an acronym for Virtually Engineered Composites) technology is claimed to replace the traditional labor-intensive, open face molding process with a computer controlled, closed mold system that manufactures complex fiberglass parts of precision thicknesses and strengths in a fraction of the time presently required using the traditional process.

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