Name Change to Reflect New Structure and Direction

23 April 1999

Name Change to Reflect New Structure and Direction

    SANTA BARBARA, Calif.--April 23, 1999--At its annual meeting, shareholders of the ASHA Corporation overwhelmingly approved the corporate name change from ASHA Corporation to McLaren Automotive Group, Inc. which now becomes the parent for ASHA Engineering and McLaren Engines, Inc. and structures the new company for future growth. McLaren Engines, Inc. was acquired by ASHA Corporation on January 8, 1999.
    ASHA Advanced Engineering will remain as a division of the new Group and will continue to market and license its patented GERODISC(TM) traction control technology. GERODISC(TM) is currently licensed by New Venture Gear for use on the 1999 Jeep products and has been named "Quadra-Trak II" by Chrysler. The technology is licensed in Europe to Steyr-Daimler-Puch.
    Jack McCormack, Chairman, President and CEO of ASHA, announced his retirement and stated that he will remain as a consultant and Board member for one year. Lawrence Cohen was elected to the Chairmanship and all other Board members were re-elected. Wiley McCoy will become President and COO of McLaren Automotive Group while retaining the Presidency of McLaren Engines. "We have already begun to see the synergy between ASHA and McLaren so this consolidation represents something unique to our clients and provides the potential for many excellent new business opportunities," stated Mr. McCoy
    Mr. McCoy has been on the ASHA Board since February 1999. Beginning in December 1993, he served as President and Chief Operating Officer of McLaren Engines, Inc. From early 1982 to December 1993 he served as Executive Vice President and Chief Operating Officer of McLaren Engines, Inc. Mr. McCoy has helped to move McLaren into the Detroit mainstream as an engineering consulting firm in all phases of powertrain. Since that time, McLaren has developed a wide base of OEM and Tier I clients in all areas of powertrain from design to emissions certification.
    ASHA will apply for a new NASDAQ symbol in the next week and an announcement will be made once the proper arrangements with NASDAQ have been completed.
    On March 1, 1999 ASHA was presented with the prestigious PACE (Premier Automotive Supplier Contribution to Excellence) Award in Detroit. The Company was honored as "Best of the Best" for its innovative GERODISC(TM) traction control system. GERODISC(TM) technology was the center of discussion at last week's TOPTEC convention in South Bend, Indiana. TOPTEC is a forum for advanced engineering provided by the Society of Automotive Engineers.
    ASHA Corporation develops advanced technology products and automotive design and manufacturing techniques for the global automotive industry, and licenses its patented technology. McLaren Engines, Inc. is a complete powertrain design, fabricating, and testing facility occupying 55,000 square feet of office and lab space in Detroit. During its thirty year record of service, McLaren Engines has serviced the research, development, and testing needs of more than one hundred clients, and is an ISO-9001 registered firm.

    This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgements with respect to, among other things, future economic, competitive, and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the Company. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Release will prove to be accurate.

    The stock is traded on the NASDAQ SmallCap Market (Symbol:ASHA).

    Visit ASHA Corporation on the Internet at www.ashacorp.com, and
    McLaren Engines, Inc. at www.mclarenengines.com.