PPI Announces New President and Board Member

(PPI) TSX/SWX

CALGARY, May 17 /CNW/ - The Board of Directors of Proprietary Industries
Inc. ("PPI") is pleased to announce that Graham Garner has been named
President of the company, replacing Stephen Akerfeldt, who held the post from
January 2003. Mr. Garner also accepted an invitation to join the Corporation's
Board of Directors. The Board expressed its appreciation of Mr. Akerfeldt's
service as President through an extremely difficult time in PPI's history. Mr.
Akerfeldt will continue as Chairman of the Board. By naming Mr. Garner to the
Board and as President, the Board acknowledges his contribution in resolving
the company's problems and the key role it expects him to play in the
company's future.

About Proprietary:
Proprietary is based in Calgary, Alberta and listed on the Toronto and
Swiss Stock Exchanges trading under the symbol PPI. Proprietary is a principal
merchant bank.

Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are   
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Corporation's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.