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PRECISION IBC ANNOUNCES NEW OWNERSHIP

August 16, 2004
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Precision IBC, Inc., Fairhope, AL, has announced its final transfer of ownership to Thomas C. Weller and Anthony P. Beard. Precision's founder and CEO, Van P. Finger, Jr., has elected to retire effective immediately. Weller currently serves as chairman of City Capital Corporation, a real estate and corporate management firm based in New Orleans, and is chairman of Penn Terminals, Inc., a privately owned container terminal in Philadelphia. Beard will continue to serve as president of Precision IBC, Inc., and will also assume the title of CEO. Beard has over 12 years of experience in the intermediate bulk container industry. Prior to joining IBC in January 1999, he served Hoover Material Handling Group in the position of Rental Operations Manager. "(Beard) has been a critical part of Precision IBC's success and will be responsible for guiding our company's growth in other areas of IBC services and products," said Mr. Weller. "He has a strong team of professionals who rely on him, and I am confident he will take this business to an even higher level." Beard added, "This partnership brings significant resources and opportunities for all of our stakeholders. There is no limit to where we can take this business and create continuing value for our customers and critical business partners."

For more information, visit http://www.precisionibc.com .

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