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Advanced Definition Systems Enters Into an Acquisition Agreement

28 April 1999

Advanced Definition Systems Enters Into an Acquisition Agreement

    LOS ANGELES--April 27, 1999--Advanced Definition Systems Inc.("ADS")has entered into an acquisition agreement with C Corp. Automotive Design Inc. ("CCAD") of Calgary, Alberta Canada under the terms of which ADS will acquire all the issued and outstanding shares of CCAD.
    CCAD is in the business of designing, engineering and fabricating specialty vehicles such as concept and retro automobiles. to date ccad has signed a multiyear $45 million dollar contract with w5 distributors limited, whose affiliate company, a 48 year old united kingdom based automobile assembly company, will final assemble and distribute 2000 of CCAD'S vehicles over a ten year period. The management of CCAD will assume control of ADS upon closing.
    Advanced Definition Systems Inc. (ADEF) NASD-Bulletin Board. Announces it has completed an acquisition agreement with CCAD, a privately owned Company located in Calgary Alberta Canada. The principal terms of the agreement will merge both entities and CCAD will assume control of the management of ADS. Additional equity capital was infused at the time the agreement was signed in order to fund CCAD's growth plans and to hasten its ability to deliver on pre-existing automobile contracts to both Japan and the U.K. for several years.
    Robert E. Seidenglanz, Former Chairman and CEO of ADS stated: "We conclude through our review of the CCAD's Business plan that the CCAD Management has developed a unique specialty automotive product opportunity of the highest quality. We welcome and support the opportunity this acquisition provides for all of the shareholders of both entities." Mr. Terry Fields of ADS will remain with the resulting entity, and Mr. Blaine Kennedy assumes the responsibilities of CEO, with CCAD's present management team in place.
    Mr. Kennedy states "This acquisition puts into place a key component to allow the company to build our vehicles now under contract and deliver them to our global customers. Mr. Thomas Vukovich of Toronto, Ontario Canada, will assume a seat on the Board of Directors.
    Further information will be provided in our next press release, which will occur at closing.