Heidenreich Marine Implements New Organizational Structure

Monday, April 08, 2002
Heidenreich Marine plans to implement a new organizational structure. The purpose of the new structure is to better serve the company's existing customers and pool partners and to facilitate Heidmar's growth in oil transportation and related industries.

A new parent company, which will be called Heidmar Inc. will be formed to provide oversight of all the Heidmar companies and to manage the strategic growth of the organization. Per Heidenreich, currently the President of HMI, will become the Chairman and CEO of Heidmar. Charles Tammara, who is currently a Vice President and CFO of HMI, will become an Executive Vice President and CFO of Heidmar.

Timothy Brennan, who has been with HMI for almost ten years and is currently a Vice President and General Manager of Chartering and Operations, will become the new President of HMI. HMI will continue to be responsible for the commercial management for all vessels under Heidmar's commercial control and will continue to serve as the general agents for the Star Tankers Pool and the Dorado Tankers Pool.

All "Information Technology" activities within the Heidmar group will be consolidated into one company, which will be called Heidenreich Innovations Inc. Fritz Heidenreich, who is currently HMI's Vice President of Information Technology, will become the President of HII.

In addition to providing shipowners with Q88.com and QBulk.com, HII will also market its Vessel Management System as QFleet.com, which will provide shipowners, ship managers and charterers with a web-based program that calculates voyage results, maintains voyage statistics, keeps track of vessel positions and provides real-time voyage information.

Timothy Brennan, Fritz Heidenreich and Jerry Townsend, the Managing Director of the Star Tankers Pool, will also become Executive Vice Presidents of Heidmar Inc.

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