MINNEAPOLIS, Feb. 18, 2009 — VEC Technology LLC, (VEC), a 92% majority-owned subsidiary of Genmar Holdings, Inc., announced today that it has begun to deliver VEC built containers to the U.S. Army National Guard (USANG) (see attached picture of VEC container).

Over the past decade, Genmar has invested over $150 million in the development and expansion of our patented closed-molded VEC Technology into one of the world’s most unique technology companies. Genmar began its research and development in VEC over 10 years ago with its sole intention at that time of developing VEC Technology for the manufacturing of recreational fiberglass boats. Since that time, Genmar has not only successfully manufactured over 75,000 VEC fiberglass boats, but has also expanded VEC’s unique patented manufacturing processes and applications into several other industries outside of boating which require large precision-built composite parts. VEC recently received a $1.5 million initial test order from the U.S. Army National Guard to build VEC composite containers. VEC began delivering the first VEC containers contracted by the USANG last week

Irwin L. Jacobs, Chairman and CEO of Genmar Holdings (Genmar) and Chairman of VEC stated, "We believe VEC’s new process for manufacturing composite containers is a revolutionary breakthrough in constructing shipping, storage and multiple-use containers. VEC containers will have many first-ever features built into them that will surely separate VEC’s ability to offer its unique containers for purposes and uses beyond today’s present standard shipping and storage containers including RFI tracking chips, GPS locators, solar lights, lighter weight construction, stronger than comparative containers, rodent free and stackable, as well as many other unique features. VEC containers can also be manufactured using anti-ballistic construction for use by the military in combat zones. VEC containers have also been designed for applications to include mobile offices, mobile kitchens, tool equipment rooms and storage, sleeping quarters and shower/toilet applications, including air conditioning, heating and available electric power for all needs."

VEC also announced today that it is entering the wind energy blade industry. Irwin Jacobs stated, "Over the past year at our VEC Technology Center in Greenville, Pa., we believe VEC has developed the world’s most unique and highly-technological process for manufacturing composite wind blades for the wind energy industry. It is well known that there have been and continues to be severe cracking and non-performance problems among many of the existing large fiberglass wind energy blades that have been installed throughout several of the existing wind power farms in North America. The majority of the problems with the existing wind energy blades have had to do with the numerous inconsistencies in the traditional fiberglass blade manufacturing technique. Most of the fiberglass wind blades presently being manufactured throughout the world are manufactured through the older traditional process that frequently causes a lack of consistently built blades for precision repeatable performance. In the case of VEC’s patented closed-molded processes for manufacturing wind blades and all other VEC built products, VEC offers a precise and consistent manufacturing process which ensures every blade will be manufactured exactly the same. Through VEC’s computer-controlled process, VEC believes blades manufactured with VEC Technology will also produce more energy than any of today’s existing wind blades due to VEC’s satin finish. Wind energy blades manufactured with the VEC process will be lighter, stronger and have a finish throughout, thus eliminating the need for any sanding or painting."

Jacobs went on to say, "The VEC close-molded process also creates a cleaner ecologically-friendly working environment resulting in positives to both our employees and the overall environment."

VEC Technology is also presently being used in recreational, transportation, heavy equipment, container/shipping, marine and aerospace applications.

VEC Technology, LLC, is a fully-integrated composite solutions company that has developed, patented and marketed a composite closed-molded system that is having a major impact on the composite industry.

For additional information, please visit www.genmar.com/vectechnology or www.vectechnology.com. If you would like to speak with Irwin L. Jacobs, please contact Jeff McCoy at (612) 337-1945 or jeff.mccoy@jacobs-mgmt.com.