Port Security Conference

May 31, 2003

SENESCO names new investor as CEO
SENESCO, the Southeastern New England Shipbuilding Company of North Kingstown, R.I., has named Gary C. Schuler as Chief Executive Officer.

Schuler is the former President of Stanley-Bostitch. Besides becoming CEO of SENESCO, he becomes one of two private investors in the fast growing company.

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. The company was a Textron subsidiary before being sold to The Stanley Works of New Britain, Connecticut.

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 Chief Operating Officer of JBPCO, a privately-owned $450 million highly-diversified corporation with ten subsidiaries.

From 1996 to 2001, Schuler was the CEO of MB&A, an investment partnership that owned five companies in manufacturing and distribution. Schuler and his partners succeeded in generating record sales in each of the subsidiaries.

Robert Jarvis, who has served as President of SENESCO for the past two years, will continue in this position and also serve as the Chief Operating Officer.

"With the recent launch of two state-of-the-art 80,000-barrel double-hulled fuel barges, a growing and respected repair business, two new contracts under way and several contracts in negotiation, SENESCO has quickly become one of America's most successful shipbuilders," said Malcolm "Kim" G. Chace, SENESCO's Chairman of the Board. "Our success is reflected in our ability to recruit someone of Gary Schuler's caliber to not only invest in our company but to work with company President Bob Jarvis in leading us to an even brighter future."

Chace says the combination of Schuler's experience with both large corporations and smaller fast-growing companies makes him perfectly suited to serve as SENESCO's CEO. Schuler will focus initially on strengthening the manufacturing process through the application of automated scheduling systems. Schuler will also help position SENESCO to take maximum  advantage of the growing double-hulled barge market.

"It's been thirteen years since I've lived and worked in Rhode Island," said Schuler. "I can't think of a better company to return to Rhode Island for than SENESCO. I've had the opportunity to meet with many of the company's senior management and production staff and I'm very impressed with what I've seen. I look forward to applying the lessons I've learned over my 30-year career to help make SENESCO an even greater company."

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