CHAMCO AUTO Shareholders Elect William Pollack as Chairman

PARSIPPANY, N.J., Nov. 29, 2006 -- The shareholders of CHAMCO AUTO have elected William Pollack as its Chairman, announced CHAMCO AUTO CEO Veechwin Li today. CHAMCO AUTO is partnered with Hebei Zhongxing Automobile Company, Ltd. (ZXAUTO China) and expects to become the first company to import Chinese-made vehicles into the United States.

Pollack has been operating as CHAMCO AUTO's Executive Vice President of Strategic Planning and Marketing and will continue in that role in addition to his new responsibilities. He brings a wealth of high-level executive leadership to the company, with a successful career as a Chief Operating Officer (COO), driving top and bottom-line growth. He has held key strategic planning positions at Cisco and other technology companies. As Vice President/General Manager, he ran Corporate Strategic Planning and marketed, structured, negotiated, and managed some of the industry's largest and most complex transactions for Bell Labs (Bellcore, Telcordia). As COO of Ipswitch, Inc., Pollack turned around a struggling technology company, increasing revenues by 13% to record levels, and improving profitability by 47%. He also served as Senior Vice President of OSI, a market leader in applications and security software, where he spearheaded strategic planning, including the evolution of the organization from a technology-driven company to a market- driven one. Early in his career, Pollack consolidated all worldwide datacenters for Volkswagen. Pollack holds a BA in Mathematics and Computer Science and an MS in Computer Science from Columbia University.

CHAMCO AUTO, based in Parsippany, New Jersey, expects to become the first company to import Chinese-made vehicles into the United States. Further information about ZXAUTO China can be found at www.zxauto.com.cn. More information on CHAMCO AUTO can be found at www.chamcoauto.com.