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                                                                    EXHIBIT 99.1

N  E  W  S    R  E  L  E  A  S E                   [CORRPRO COMPANIES INC. LOGO]

COMPANY CONTACT              SM BERGER & COMPANY      WORLD HEADQUARTERS
Joseph W. Rog                Stanley M. Berger        1090 Enterprise Drive
Chairman, CEO and President  (216) 464-6400           Medina, OH 44256
(330) 723-5082                                        Phone (330) 723-5082
                                                      Fax (330) 723-0694
                                                      www.corrpro.com
FOR IMMEDIATE RELEASE


    CORRPRO INVESTIGATING ACCOUNTING IRREGULARITIES AT AUSTRALIAN SUBSIDIARY

MEDINA, OHIO, MARCH 20, 2002 - CORRPRO COMPANIES, INC. (AMEX: CO) today
announced that it has discovered accounting irregularities caused by apparent
internal misconduct in its Australian subsidiary. The irregularities were
discovered by Corrpro management in connection with an internal review of the
subsidiary's working capital management practices and cash flow problems
inconsistent with the subsidiary's reported results. The Company immediately
began an internal investigation, which is being conducted under the direction of
the Audit Committee of its Board of Directors. The subsidiary's Managing
Director has been placed on leave of absence, and two individuals in the
subsidiary's accounting department have resigned.

Although the investigation is still in its preliminary stages, the
irregularities involve the overstatement of revenues and understatement of
expenses by the Australian subsidiary. Based on the preliminary investigation,
the Company estimates that the cumulative effect on the Company's consolidated
operating income before taxes through December 31, 2001 is believed to be in the
range of $4.5 million to $5.3 million. The irregularities appear to date back to
at least calendar year 2000. Although the Company believes these estimates to be
conservative, it further cautions that these estimated earnings adjustments
could increase or decrease.

The Australian subsidiary is in the process of appointing an administrator and
commencing voluntary administration proceedings, a process under Australian law
providing relief from creditors and an opportunity to determine whether an
appropriate plan for the subsidiary's continued operations in Australia can be
established. As a result of the appointment, the Company will be required to
take a charge to earnings for its loss on investment related to the subsidiary,
including certain intercompany balances. Based on currently available
information, the Company estimates that the charge to pre-tax earnings will be
in the range of $5.3 to $6.7 million. This charge would be taken in the
Company's fiscal fourth quarter ending March 31, 2002 and would be in addition
to the above-referenced adjustments to income before taxes. Approximately
$950,000 of this estimated charge relates to Corrpro's guarantee of the
subsidiary's bank debt, with the remaining amount expected to comprise a largely
non-cash charge to earnings. The Company also is consulting with its tax
advisers to determine the tax effect of the loss. Going forward, results from
the subsidiary will not be included in the Company's consolidated financial
statements while the subsidiary is subject to voluntary administration.

The Audit Committee of the Company's Board of Directors is conducting the
internal investigation and has retained special counsel in connection with the
investigation, and they have retained the forensic investigation unit of the
independent accounting firm, Deloitte Touche Tohmatsu.

"The Audit Committee is firmly committed to completing a thorough, expeditious
investigation. Corrpro will promptly implement all appropriate remedial actions
dictated as a result of this investigation," commented Joseph W. Rog, Chairman,
Chief Executive Officer and President of the Company. "This Australian situation
is particularly disappointing in light of the substantial progress we have made
in other areas of our business. We believe the misconduct was confined to the
Australian subsidiary. As a

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precaution, the Company is undertaking efforts to confirm the integrity of its
accounting systems and controls worldwide.

"We continue to see strong market indicators in our core cathodic protection
business and we expect solid EBITDA performance," Mr. Rog continued. "We believe
those results can be achieved despite a decline, estimated to be approximately
5% of consolidated revenues, relating to our Navy Paint Preservation coatings
work. Further, our back to basics strategy, which has resulted in a significant
reduction in our debt and better management of working capital, will continue."

Based on the results of the investigation to date, the Company anticipates that
it will not be in compliance with the provisions, including certain financial
covenants, of its existing senior secured credit agreement and its senior note
facility. The Company is currently in discussions with its bank group and the
holder of its senior notes concerning the Company's non-compliance. The remedies
available to these lenders upon default by the Company, including acceleration
of principal, could have a material adverse impact on the Company's liquidity,
its financial position or its ability to operate as a going concern.

As previously reported, it will be necessary for the Company to generate
adequate cash flow from its operations to fund its working capital needs and
meet its principal payment requirements, or the Company will need to amend its
existing loan agreements, refinance its indebtedness or obtain additional
capital on reasonable terms. Prior to the discovery of the irregularities, the
Company already was in the process of exploring financing alternatives and has
recently engaged an investment banking firm to assist the Company in these
efforts.

To the extent that the accounting irregularities materially affect previously
filed financial statements, the Company expects that it will have to restate its
audited financial statements for its fiscal year which ended March 31, 2001 as
well as unaudited financial information for the first nine months through
December 31, 2001 of its fiscal year ending March 31, 2002, as previously
released. In such event, the financial statements for affected periods and
accompanying auditor's report should no longer be relied upon. The Company
expects to provide a further update to these preliminary estimates as the
investigation progresses and additional information becomes available. The
Company's regular outside auditing firm, KPMG LLP, is currently undertaking its
audit of the Company's financial statements for fiscal year 2002.

The Company also today announced that it has filled its Chief Financial Officer
position, which had been temporarily covered by an interim chief financial
officer since January 14, 2002. The full text of that announcement accompanies
this press release.

THE COMPANY HAS SCHEDULED A CONFERENCE CALL ON THURSDAY, MARCH 21, 2002
BEGINNING AT 11:00 A.M. EASTERN STANDARD TIME. THE CONFERENCE CALL WILL BE FOR
INVESTORS AND OTHER INTERESTED PARTIES WHO WOULD LIKE TO LISTEN. THE CONFERENCE
CALL MAY BE ACCESSED FROM THE UNITED STATES OR CANADA AT 1-888-881-4892, AND
FROM OTHER COUNTRIES AT 1-416-640-4127. INVESTORS AND INTERESTED PARTIES SHOULD
CALL IN APPROXIMATELY 10 MINUTES BEFORE THE CONFERENCE CALL BEGINS. A REPLAY OF
THE CONFERENCE CALL WILL BE AVAILABLE BEGINNING THURSDAY, MARCH 21, 2002 AT 1:00
P.M. EASTERN STANDARD TIME AND IS AVAILABLE THROUGH MIDNIGHT EASTERN STANDARD
TIME ON SATURDAY, MARCH 23, 2002. THE REPLAY CAN BE ACCESSED FROM THE UNITED
STATES AT 1-877-289-8525 AND AT 1-416-640-1917 OUTSIDE THE UNITED STATES. THE
ACCESS CODE FOR THE REPLAY IS 179947.

Corrpro, headquartered in Medina, Ohio, with over 60 offices worldwide, is the
leading provider of corrosion control engineering services, systems and
equipment to the infrastructure, environmental and energy markets around the
world. Corrpro is the leading provider of cathodic protection systems and
engineering services, as well as the leading supplier of corrosion protection
services relating to coatings, pipeline integrity and reinforced concrete
structures.


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Except for historical information, the matters discussed in this press release
are forward-looking statements relating to the business of the Company. The
forward-looking statements are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates" or variations of
such words and similar expressions are intended to identify such forward-looking
statements. The Company believes that the following factors, among others, could
affect its future performance and cause its actual results to differ materially
from those matters expressed or implied by forward-looking statements: the
ultimate outcome of the Audit Committee's investigation of accounting
irregularities; the results of the financial statement restatement process and
the audit of any anticipated restatement of the Company's financial statements
as a result of accounting irregularities; the impact of any litigation or
regulatory process related to the financial statement restatement process; the
Company's ability to extend, amend or refinance its existing debt, the
availability to the Company of external sources of financing and capital (the
failure to receive which would have a material adverse effect on the Company's
results of operations and financial condition) and the terms and timing thereof;
the impact and results of the voluntary administration proceedings for the
Australian subsidiary; the Company's mix of products and services; the timing of
jobs; the availability and value of larger jobs; qualification requirements and
termination provisions relating to government jobs; the impact of inclement
weather on the Company's operations; the impact of energy prices on the
Company's and its customers' businesses; adverse developments in pending
litigation or regulatory matters; the impact of existing, new or changed
regulatory initiatives; the Company's ability to satisfy the listing
requirements of the AMEX or any other national exchange on which its shares are
or will be listed or otherwise provide a trading venue for its shares; and the
impact of changing global political and economic conditions. Additional factors
that may affect the Company's business and performance are set forth in the
Company's filings with the Securities and Exchange Commission. The Company
assumes no obligation to update any of the information contained or referenced
in this press release.