Penray announces David Sholtis as new CEO, Howard Laga transitions to Senior Advisor to the Board.

Wheeling IL, May 7, 2012 – Penray announces David Sholtis as new CEO, Howard Laga transitions to Senior Advisor to the Board.

Penray announced today that Howard Laga will be transitioning from the CEO position to that of Senior Advisor to the Board. Howard will be succeeded by David Sholtis, previously leading Bosch’s Filtration business.

Penray’s majority owner (Source Capital LLC) represented by its two board members Thomas van der Meulen and Chad Riedel, want to thank Howard Laga for his many years of dedicated service with Penray, and especially for his leadership in the CEO role. Howard Laga successfully transitioned the Penray organization through an ownership change with Source Capital LLC, preparing the business for strong organic growth and growth through acquisitions. “Howard will stay on in an advisory capacity to assist Dave Sholtis with the CEO transition and will remain active as Senior Advisor, responsible for certain key customer accounts. We’ll continue to enjoy his company for quite a while”, said Thomas van der Meulen.

Succeeding Howard Laga is David Sholtis, who brings the Penray organization a wealth of heavy-duty and automotive after-market experience. David spent his last four years at Robert Bosch LLC as Vice President and Regional Business Unit Leader Filtration Americas responsible for executing the Purolator growth strategy, which he successfully accomplished under tough market conditions. Prior to Bosch, David worked at Honeywell for thirteen years in numerous leadership positions with his final position as Vice President of Autolite Products. Prior to Honeywell, David spent nine years at General Electric. “David Sholtis will bring Penray a wealth of background knowledge in sales and marketing, a strong customer focus, and a solid foundation in lean manufacturing and finance. We’re excited to have a well rounded leader like David Sholtis help us take Penray to the next level”, said Randy Fowler Vice President, Sales and Marketing.

“This is a very exciting time to be joining Penray as it embarks on its next phase of growth” said Sholtis. “I look forward to leading Penray as it grows with continued focus on meeting our customer’s needs and delivering great products.”