Griffin Securities, Inc. Issues Research Update on A.C.L.N. Ltd. With a Strong Buy Recommendation

    NEW YORK, March 20 Griffin Securities, Inc. is a member of
the National Association of Securities Dealers, CRD number 43229.

    ACLN is a global leader in personal automobile logistics and automobile
wholesaling and distribution of new and pre-owned automobiles. ACLN has
repeatedly outperformed our estimates. Revenue for the year ending Dec. 31,
2000, totaled $168 million, increasing 72% from the previous year. Similarly,
earnings for the year totaled $42.7 million, increasing 80% from the previous
year. Accordingly, EPS increased 80% to
$3.06 per share.
    ACLN's automotive wholesaling and distribution has added a substantial
profit zone that is completely synergistic with its automotive logistics
business. Our target price range of $60-85 represents over 100% upside
potential over the next 12- 18 months from current prices. The Company is
currently trading at a FY2001 P/E multiple of 6 and a FY2002 multiple of 4.

    Griffin Securities, Inc. (member NASD and SIPC) based in New York City is
a subsidiary of the publicly traded Voyager Financial services group based in
the U.K. Griffin serves corporations, institutions and individuals worldwide
with a diverse range of financial services including private capital markets;
mergers & acquisitions; financial advisory; brokerage and research.
    For more information, please contact mail@griffinsecurities.com or call
212-509-9500.

    Information herein is believed to be reliable and has been obtained from
sources believed to be reliable, but its accuracy and completeness cannot be
guaranteed. Opinions, estimates, and projections constitute our judgment and
are subject to change without notice. This publication is provided to you for
information purposes only and is not intended as an offer or solicitation for
the sale of any financial instrument. Griffin Securities, Inc. and its
affiliates may hold a position or act as advisor to any issuer discussed
herein.

    Griffin Securities, Inc. is a member of NASD and SIPC.