ASIMCO Technologies Names New Vice President and Chief Financial Officer

BEIJING, May 2, 2006 -- ASIMCO Technologies Limited (ASIMCO), today announced that Mr. Kern Lim has joined the company as Vice President and Chief Financial Officer. In this position, Mr. Lim will report to Jack Perkowski, Chairman and CEO, and will be based in Beijing, China. Mr. Lim succeeds Michael Cronin who has decided to leave to establish a human resources consultancy practice.

Mr. Lim comes to ASIMCO from Eastman Kodak where, in his most recent position, he served as the company's Chief Financial Officer for the Greater Asia Region, based in Shanghai. Prior to Eastman Kodak, Kern worked for seven years for General Electric in various financial and operational positions in the United States and Asia, and also spent three years with Hewlett Packard in Asia.

"Kern has an excellent educational background and brings with him diverse financial experience gained from working with leading multi-national corporations in both Asia and the United States," said Jack Perkowski. "He will bring international best practices to ASIMCO Technologies, and his financial leadership will be critical as we move forward with our development strategy. We are delighted to have him as part of the team."

Mr. Lim received his Bachelor of Science in Financial & Management Accounting at Nanyang Technological University in Singapore, and participated in various post graduate programs at Harvard, Kellogg, General Electric's John F. Welch Leadership Center in Crotonville, New York, IMD in Switzerland and Stanford Business School's executive education program conducted in Hong Kong.

"I am extremely pleased to be joining the ASIMCO Technologies management team. I believe that the company has the right focus in an industry that is dynamic globally and growing exponentially in China," said Lim. "ASIMCO Technologies has a well developed vision and set of core values, and is ideally positioned to benefit from the changes in the global automotive industry."

With its headquarters in Beijing, ASIMCO Technologies Limited is the first truly global, foreign-invested components manufacturing organization to be born and based in China. It is also among the largest, privately held components companies in China, producing a broad range of powertrain, chassis, diesel fuel injection and NVH components for passenger cars and commercial vehicles. ASIMCO supplies both the Chinese and international automotive markets and has extensive strategic and technological relationships with leading international companies from the United States, Europe and Japan.

ASIMCO Technologies Limited was formed in 1994 and operates 18 manufacturing facilities and a network of 36 sales offices in China, three manufacturing facilities in the United States and regional offices in the United States, United Kingdom and one opening soon in Japan. In 2001 and again in 2005, ASIMCO was named one of the "10 Best Employers in China" in a survey conducted by Hewitt Associates and 21st Century Business Herald.

  For further information contact:

  Ms. Carleen Giacalone                    Tel: 8610-6438-2750 x287
  Director of Corporate Communications     Fax: 8610-6438-2739
  ASIMCO Technologies Limited              E-mail: cgiacalone@asimco.com.cn
  4/F, 2 Jiangtai Road South               http://www.asimco.com/
  Chaoyang District
  Beijing 100016 China