Amerityre Names Benninger as President and CEO

Amerityre Corp. has promoted Chief Operating Officer Dr Gary Benninger to president and chief executive of the company. Benninger, 64, will become president immediately and will succeed Richard Steinke as CEO from 1 September. Steinke, 63, will serve as a full-time technology consultant once Benninger becomes CEO.

In January 2007, Mr. Steinke announced his intention to step down as Chairman and Chief Executive Officer of the Company as part of the Company’s overall management succession plan. The Board of Directors selected Dr. Benninger following months of deliberations and interviews with several potential candidates proposed by an independent executive search firm. Dr. Benninger has been serving as the Company’s Chief Operating Officer since October 2005.

“Dr. Benninger has been integral to the success of the company during his tenure,” said Mr. Steinke. “He has worked diligently and effectively as part of the Amerityre team. I am confident that his leadership will ensure the future success of the company as it continues its exciting progress towards its full potential. I intend to work extensively with him during the remainder of the transition period, and I look forward to continuing to work closely with him in my new capacity as a full time consultant.”

Amerityre shares gained 14 cents, or 3 percent, to $4.76 in midday trading after the announcement. The stock has traded in a 52-week range of $2.59 to $8.20.