AQM Completes Going Private Transaction

    BRAMPTON, Ontario--May 23, 2001 AQM Automotive Corporation("AQM") announced today that in excess of 90% of its shareholders approved the previously announced amalgamation involving AQM and AQM Acquisition Corp. and the amalgamation has been completed. Under the terms of the amalgamation, holders of AQM common shares are to receive $0.25 in cash for each common share. Payment of the redemption amount will be made to the AQM common shareholders in accordance with the letters of transmittal submitted by them.
    Application will be made to delist the common shares of AQM from the Canadian Venture Exchange Inc. and The Toronto Stock Exchange.

    The Canadian Venture Exchange Inc. and The Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy of this release.