Stephen D. Podd - Page 6

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          The original name of the corporation was Powerstrap, Inc., which was        
          subsequently changed to Powertex Corporation, Inc., in 1979 and             
          finally to Powertex, Inc., in 1984.  Powertex was initially formed          
          to be a packaging manufacturer.  Powertex began its business                
          operations in Alburg, Vermont, on property owned by Mr. Podd.  In           
          1984, Powertex expanded its business from the Alburg facility to a          
          new manufacturing plant in Rouses Point, New York.                          
               From 1977 through 1992, Mr. Podd was the president, chief              
          executive officer and largest shareholder of Powertex, and Mrs. Podd        
          was its corporate secretary and treasurer.  From 1983 through 1990,         
          their children, Victor I. Podd (Victor, Jr.), and Stephen D. Podd           
          (Stephen), served as vice presidents of Powertex.  From 1977 through        
          1990, all of the outstanding stock in Powertex was owned by Mr.             
          Podd, Victor, Jr., Stephen, and Mrs. Podd.  From 1977 through 1990,         
          Mr. Podd and his two sons (collectively, the Podds) and Mrs. Podd           
          were Canadian citizens.                                                     
               Today, Powertex is a manufacturer of several products used in          
          the shipping industry.  The core products sold by Powertex are              
          intermodal container liner systems, used to transport such dry bulk         
          flowable products as rice, corn, sugar, carbon black, and PVC               
          resins.  Intermodal cargo containers come in either 20-, 35-, or 40-        
          foot lengths, and can carry up to 24 tons of cargo.  An intermodal          
          container liner is a plastic liner placed inside a shipping                 
          container for the purpose of protecting the contents from loss and          
          contamination during shipment and to prevent corrosion of the               

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Last modified: May 25, 2011