ASIMCO Technologies Named One of 'Ten Best Employers in China'

BEIJING, May 18, 2005 -- ASIMCO Technologies was named one of the "Ten Best Employers in China," ranking third according to a survey conducted by Hewitt Associates and 21st Century Business Herald.

The Ten Best Employers in China list was determined by an independent judging panel after a review of Employee Opinion Surveys from randomly selected employees, a CEO questionnaire and an audit of the Company's human resources practices. The criteria for winning this award is a determination of the extent to which an organization consistently inspires great performance from its people; goes out of its way to ensure that employees feel valued and manages its business in ways that build long-term success and sustainability.

ASIMCO's vision is to "create a truly global company which is unique because of its ability to combine the best in China with the best from the rest of the world." A clear vision, along with dedication to employee development programs, proves to be the right formula for attracting and retaining talented and ambitious people in a challenging environment.

Mr. Jack Perkowski, Chairman and CEO of ASIMCO Technologies, said that "ASIMCO has made great efforts to engage our employees by developing leadership skills, strengthening ASIMCO's culture and core values and practicing aligned and supportive human resource management policies." Mr. Perkowski further stated that "Of all the trends which will further China's economic development in the coming years, none will have a greater positive impact than the development of China's human capital. ASIMCO takes a proactive approach in developing its employee talent and this fact, I believe, was confirmed by the results of the study."

ASIMCO believes that a strong corporate culture and core values that are communicated throughout the organization, as well as sound training programs, provide the foundation for employee loyalty and commitment. Programs for the advancement of both staff and management in a wide variety of disciplines such as finance, purchasing, marketing, human resources, quality, lean manufacturing, exports and logistics, are conducted on a continuous basis throughout the organization. A Performance Management System has helped develop managers by formalizing the process of goal setting, feedback and coaching and performance reviews for incentive programs.

In order to prepare individuals for career advancement in the company, ASIMCO began the "Leadership Development Program" in June 2001. "There is a large pool of untapped talent in the organization that needs to be identified and trained as the future leaders of ASIMCO," said Mr. Perkowski. "It is expected that graduates of the Leadership Development Program will provide ASIMCO with a proprietary management talent pool in an environment where the major threat to success is a shortage of qualified, professional managers," said Mr. Perkowski.

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, 2 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.