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A.C.L.N. Announces Six Month Earnings

18 September 1998

A.C.L.N. Announces Six Month Earnings; Sales Up 18.3 Percent and Net Income Up 17.2 Percent


    PTE-DE-MONACO--Sept. 17, 1998--A.C.L.N. Limited (Nasdaq NM:ACLNF), today announced to the public its results of operations for the six months ended June 30, 1998.
    Sales for the six months ended June 30, 1998, increased by $5,016,231, or 18.3 percent, to $32,440,550 for the six months ended June 30, 1998, from $27,424,319 for the six months ended June 30, 1997. In addition, net income increased by $968,242, or 17.2 percent, to $6,592,228 for the six months ended June 30, 1998, from $5,623,986 for the six months ended June 30, 1997.
    Aldo Labiad, president and chief executive officer of A.C.L.N. Limited commented, "We are pleased with the results for the three and six months ended June 30, 1998 and believe that the market for the maritime transportation of used automobiles will continue to improve. We believe that the company is currently postured to become an increasingly influential participant in this market."
    The company arranges for the shipment of used automobiles sold in Belgium by independent auto dealers to purchasers who live in North and West Africa and the Middle East, and provides related customs-clearance services.
    This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of management and are subject to a number of risk factors and uncertainties that could cause actual results for performance of the company to differ materially from those described herein.

                                     A.C.L.N. Limited
                                 Selected Financial Data
                  
                Three Months Ended June 30,   Six Months Ended June 30
                      1998        1997           1998         1997
                         (Unaudited)               (Unaudited)

Sales             $17,821,081  13,251,924    $32,440,550  $27,424,319
Cost of 
  sales            13,345,947   9,960,504     20,197,063   20,561,155
     Gross 
      profit        4,475,134   3,291,420      8,243,487    6,863,164 

Selling, 
  general 
  and 
  admini-
  strative 
  expenses            734,642     338,041      1,320,179      960,783
     Income 
       from 
       operations   3,740,492   2,953,379      6,923,308    5,902,381
Other 
  income 
  (expense) 
     Interest 
       income              --           3            151            3
     Interest 
       expense             --        (191)            --         (191)
                           --        (188)           151         (188)

Income 
  before 
  income 
  taxes             3,740,492   2,953,191      6,923,459    5,902,193
Income 
  taxes               178,518     107,831        331,231      278,207
Net 
  income            3,561,974   2,845,560      6,592,228    5,623,986

Other comprehensive income (loss) net of tax:
  Foreign 
    currency      
    translation 
    adjustments        24,046     (52,835)       (16,348)    (146,393)
Comprehensive 
  income           $3,596,020  $2,792,525     $6,575,880  $ 5,477,593
Net income
   per share       $     0.51  $     0.40         $ 0.94        $0.78
Weighted average
   shares 
   outstanding      7,000,000   7,000,000      7,000,000    7,000,000