Amerityre Announces Senior Management Transition Plan

On January 17 Amerityre Corporation announced its Board of Director’s transition plan for the eventual replacement of the company’s current chairman and CEO, Richard Steinke. Mr. Steinke founded Amerityre in 1995 and has been actively involved in the development of polyurethane technologies. He intends to resign from both his posts on October 1, 2007.

“I have discussed transition plans with the Board for some time,” said Mr. Steinke. “However, I feel it is extremely important that I oversee completion of several key ongoing projects at the Company, while allowing adequate time to make an orderly transition. I believe that the Board and I have designed a transition plan that meets my objectives while also ensuring that Amerityre continues its exciting progress toward achieving its significant potential.”

Since last August Kenneth C. Johnsen, a former member of Amerityre’s Board of Directors, has served as company President. On January 15, 2007, the Board unanimously re-appointed Mr. Johnsen to the Board, assigning to him the responsibility of leading Amerityre’s search for a new CEO and supervising the transition process. In connection with his re-appointment to the Board of Directors, Mr. Johnsen has resigned as President. Mr. Johnsen will, however, continue to consult for the Company and work with Mr. Steinke on issues relating to Amerityre’s business strategies and the completion of ongoing major projects. During the transition period, Mr. Steinke will resume the title of President.

Johnsen commented that he was “gratified that the Board has entrusted me with the job of leading the transition. I intend for the CEO search to be thoroughly objective and to involve the assistance of outside professionals. The other members of the Board will be kept fully apprised every step of the way.”