Top Auto Executive Joins ASIMCO Technologies

Focus will be on acquisitions and strategic alliances

DETROIT, April 14 -- ASIMCO Technologies Limited ("ASIMCO Technologies" or the "Company"), one of the largest independent producers of automotive components in China, today announced Robert D. Pyle has joined the Company as Vice President of Corporate Development. In this position, Mr. Pyle will report to Jack Perkowski, Chairman and CEO, and will be based in Detroit.

Mr. Pyle, 38, has worked in various finance and operating positions for Ford Motor Company and Visteon Corporation. He was most recently Manager of the Visteon Saline (Michigan) Plant, which manufactures fully contented cockpits, instrument panels and consoles and is one of Visteon's largest manufacturing facilities worldwide.

"Bob is a highly talented individual with extensive financial and operating experience in the North American automotive industry, and we are delighted to have him as part of the ASIMCO Technologies senior management team," Jack Perkowski said. "As we expand our global reach through additional strategic alliances and acquisitions in the US and other key automotive markets, we expect Bob to play a major role in our future development."

ASIMCO Technologies has had a sales and marketing presence in the United States since 1998, which has enabled it to substantially grow sales to US customers. In 2003, ASIMCO Technologies' US presence was augmented by the acquisition of the North American camshaft operations of Federal-Mogul Corporation. The Company currently operates two facilities in Grand Haven, Michigan, and is a key supplier of camshafts to customers in the US automotive and heavy-duty equipment industries.

"I am tremendously excited to be joining ASIMCO Technologies, a global company uniquely positioned to take advantage of changing automotive industry dynamics," Pyle said. "I believe ASIMCO Technologies has the right vision and leadership to bring value to the market place and to make its customers successful around the world."

With its headquarters in Beijing, ASIMCO Technologies' goal is to become the first truly global, foreign-invested components organization to be born and based in China. The Company's shareholders are primarily US institutional investors, and its customers include the major participants in the China automotive market, as well as a growing list of global companies. Through its 13 manufacturing facilities in China and two manufacturing facilities in the US, and an extensive sales network in China and offices in the US and the UK, ASIMCO Technologies is well-positioned to benefit from the development of the China automotive market, as well as the globalization of the automotive industry in general.

ASIMCO Technologies is among the largest components companies in China, manufacturing a wide range of products including diesel fuel injection components and systems; compressors; brake and suspension components and assemblies; and engine components such as camshafts, piston rings and cylinder blocks and heads. In addition, ASIMCO Technologies has substantial capabilities in key processes such as ferrous and aluminum castings and NVH products which combine several materials technologies. Responding to the needs of its customers, ASIMCO Technologies is in an expansionary phase of development, with five new factories under construction in China, and an additional U.S. acquisition under negotiation.

About ASIMCO Technologies Limited

ASIMCO Technologies Limited is a privately held, large scale, multi- product components manufacturing organization based in Beijing, China with global reach and managed by an international team in partnership with experienced local managers. ASIMCO operates 13 manufacturing facilities and a network of 36 sales offices in China, two manufacturing facilities as well as a sales and distribution company in the United States and the United Kingdom. Since its formation in 1994, ASIMCO has substantially expanded its activities in supplying both the Chinese and international automotive markets.

ASIMCO's strategy has been to provide capital, management and technology as part of a comprehensive program to enable its China based companies to compete in the global marketplace. ASIMCO has also established extensive strategic and technological relationships with leading international companies from the United States, Europe and Japan.

ASIMCO companies currently produce a broad range of powertrain and chassis components. Powertrain products include piston rings, camshafts, and cylinder blocks and heads, while chassis products include most major components for the brake system. In addition, ASIMCO supplies diesel fuel injection systems and compressors to the heavy-duty market. ASIMCO has core capabilities in key materials technologies such as ductile iron and aluminum castings, as well as NVH products, and has extensive machining and assembly capabilities.

John F. Perkowski, "Jack," Chairman & CEO of ASIMCO Technologies Limited

Mr. Perkowski received a Bachelor of Arts degree (cum laude) from Yale University in 1970 and an MBA degree (with high distinction) from the Harvard Graduate School of Business Administration in 1973 and was designated a Baker Scholar. Mr. Perkowski joined Paine Webber in 1973 and was the Director of Investment Banking when he left in 1988 to become the Managing Director of a leveraged buyout firm. In 1990, Mr. Perkowski began to research the concept of investing in Asia, leading to the formation of ASIMCO in 1994. Mr. Perkowski developed ASIMCO's industry approach and strategy for taking an active management role which has led to the formation of one of China's largest components companies, which sells to both the domestic and overseas markets. In 2001, ASIMCO was named one of the "10 Best Employers in China" in a survey conducted by the Asian Wall Street Journal, the Far Eastern Economic Review and Hewitt Associates.