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SENESCO Names Schuler as New CEO

Maritime Activity Reports, Inc.

June 2, 2003

The Southeastern New England Shipbuilding Company (SENESCO) has appointed Gary C. Schuler, the former President of Stanley-Bostitch, as the company’s CEO.

In addition to his new post as CEO, Schuler becomes one of two private investors in SENESCO having made a personal investment in the fast growing company. Robert Jarvis, who has served as President of SENESCO for the past two years, will continue in this position and also serve as the COO.

Schuler has had a highly successful career as a senior executive in some of America’s largest corporations and he has also held senior executive posts and ownership positions with smaller companies.

Schuler served as President of Bostitch for 10 years between 1980 and 1990, during which time the company’s sales grew from $100 million to $500 million.

Following his tenure at Bostitch, Schuler served as the Corporate Senior Vice President and later President of Metal Buildings Group, a major subsidiary of Robertson-CECO. He also served as the COO of JBPCO, a privately-owned $450 million highly-diversified corporation with ten subsidiaries.

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