ASIMCO Technologies and Phillips and Temro Join Forces in China

          JV to Supply Intake Air Heaters to China's Commercial
                      Vehicle Producers in 4Q of '06

BEIJING, Aug. 8 /Xinhua-PRNewswire/ -- ASIMCO Technologies Limited (''ASIMCO''), one of the leading independent producers of automotive components in China, and Phillips and Temro Industries (''PTI''), a leading North American producer of cold start and emissions control products, today announced plans to establish a joint venture to design, manufacture and distribute electrical intake air heaters for the China diesel engine market.

ASIMCO PTI Air Intake System (Yizheng) Co., Ltd., will be located in a new facility in Yizheng, Jiangsu Province, China where ASIMCO has three existing manufacturing plants. Intake air heaters provide improved combustion during cold start and initial engine warm-up, ensure smoother and quicker start-to idle-operation, and reduce the white smoke emissions resulting from unburned fuel. Distribution of the China made intake air heaters to the domestic commercial vehicle market will begin in the fourth quarter of 2006.

PTI is a leader in cold start and emissions control products in the North American market and is recognized for its innovative designs, engineering and manufacturing capabilities. ASIMCO has particular strength in China's commercial diesel engine sector, having strong sales and marketing relationships with all the top diesel engine producers in China. The global quality intake air heater manufactured by the joint venture will be added to the wide range of products which ASIMCO supplies to China's diesel engine assemblers.

Air intake heaters were originally introduced to diesel engine producers as a cost effective cold weather starting aid. However, because they substantially reduce 'hydrocarbon' or 'white smoke' emissions, they are becoming an integral part of the combustion system formula for meeting clean air emission standards.

Jack Perkowski, Chairman and CEO of ASIMCO said, ''This partnership expands ASIMCO's strategic alliances and strengthens its technological capabilities to serve this market. It brings with it important technology to produce a high performance cold start aid and emissions control product essential for engine manufacturers to meet international standards for Euro III and Euro IV emissions not currently available in the domestic market.''

Gary Edwards, President and CEO of PTI said, ''This cooperation brings together technological, manufacturing and marketing expertise of the two companies to provide locally produced, global quality components to the fast growing China automotive market. By partnering with a leading company like ASIMCO, PTI can expand it's global footprint and more efficiently-enter into the China market.''

ASIMCO Technologies Limited produces a broad range of powertrain, chassis, diesel fuel injection and NVH components for passenger cars and commercial vehicles. It operates 18 manufacturing facilities and a network of 52 sales offices in China, three manufacturing facilities and a regional office in the United States, and a regional office in the United Kingdom. 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.

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.

ASIMCO was formed in 1994, and it is privately held and based in Beijing, China.

Phillips and Temro Industries produces a broad range powertrain and chassis components for both on and off highway diesel engine markets. PTI is the leading provider of cold start and emissions control products in North America supplying to both engine and motor vehicle original equipment manufacturers (''OEMs'') as well as the motor vehicle aftermarket. The Company is also a leading provider of diesel engine intake and exhaust silencing products and metal radiator fans serving the stationary power generation, marine engine and off-highway industries. In addition, PTI is the market leader in developing and supplying Cab Power(TM) systems that allow truck drivers to use in-cab electrical equipment while eliminating lengthy idling of diesel engines, thereby reducing fuel consumption and exhaust emissions.

Phillips and Temro is headquartered in Eden Prairie, Minnesota (near Minneapolis) with additional facilities in Prior Lake, Minnesota and Winnipeg, Canada, and Tipton, United Kingdom.

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

Gary C. Edwards, President and CEO of Phillips and Temro Industries, received a Bachelor of Science degree in Industrial Engineering from University of Regina in 1985 and an MBA degree from the University of Manitoba in 1992. Mr. Edwards joined Phillips and Temro in 1991 as Engineering Manager prior to being appointed as President and CEO in 2002. Since 2002 Mr. Edwards has overseen the transformation of Phillips and Temro from a 'niche', primarily North American focused company to one of the leading Global suppliers of cold start and emissions control technology.