July 7, 2004

Management transition at CATS

Canadian American Transportation Systems (CATS) confirmed July 6 that the transfer of ownership of its vessel, "The Breeze," from Austal Ships to CATS has been completed.

The final package of financing for this transaction was provided by the State of New York, the City of Rochester, ABN AMRO Bank, the Export Finance and Insurance Corporation of Australia and Daimler Chrysler/MTU, the engine manufacturer.

"We have the complete assurances of Austal/MTU that all steps can and will be taken to ensure reliable, consistent performance of this vessel for our business," said Dominick DeLucia, founder and major shareholder of CATS.

DeLucia also said he is stepping aside in his role of Chairman of the company. An independent Board of Directors and a strong management team will manage the company going forward.

"There comes a time in the life of every organization when the founder should step aside and trust its independent, experienced managers and directors to make the organization a resounding success," said DeLucia. "Now that the financing of the project is completed and closed, this is the time for CATS to do what CATS was created to do--move passengers between Toronto and Rochester. I am confident that we have assembled an exceptional managerial staff who will lead this organization to great things."

As part of the management shift, Howard Thomas will no longer serve as President of Canadian American Transportation Systems, but will remain a shareholder in CATS.

"Howard has played an invaluable role for CATS by creating a high level of awareness in both business and political circles. Our entire organization wishes him well in all of his future endeavors," DeLucia added.

CATS Chief Administrative Officer, Cornel Martin has been appointed to serve as President of the restructured organization.

Martin, who has long experience in the passenger vessel sector and is currently President of the Passenger Vessel Association, joined the CATS senior management team in May.

"I was attracted to this project and agreed to move my family to Rochester because I recognize that this community is on the cutting edge of the high speed ferry business and indeed, the entire passenger vessel industry," said Martin. travelers.

CATS also announced that William Bennet, Manager of Terminal Operations in Toronto, will join the senior management team and management committee of the firm as Director, Canadian Operations.

Bennett also has an extensive background in the passenger vessel industry. He served as Captain of the cruise ship Polar Star, as a senior officer aboard several cruise ships in the Royal Caribbean Cruise Lines fleet, and served for 14 years in the Canadian Coast Guard.

"William has done a great job developing our terminal operations in Toronto, and will be a valuable addition to our senior management team. He will be one of our key people as we continue to grow the Canadian side of our operations," said Martin.

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