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Secom General Signs Agreement to Recover Investment in Transmission

21 September 1999

Secom General Signs $5.1 Million Agreement to Recover Investment in Transmission Shaft Program; Expects 4th Quarter Profit From Operations Between 7 to 12 Cents Per Share Excluding One-Time Pre-Tax Gain of $1.9 Million and Pre-Tax Charges of $600,000

    NOVI, Mich., Sept. 21 -- Secom General Corporation
today announced it has signed a $5.1 million agreement with an
automotive OEM customer to recover the company's multi-million dollar
investment in a transmission shaft program.  "The company believes the
agreement represents a positive conclusion to its investment in the
transmission shaft program," said Paul D. Clemente, Secom's vice president.
Clemente added, "The company has received $3.9 million, of the $5.1 million
total to date, with the balance to be paid in the next few months after the
remaining shaft inventory has been completed."  The company said the
$3.9 million was used to reduce secured debt.
    "The company anticipates reporting a $1.9 million pre-tax gain, in the
fiscal fourth quarter ending Sept. 30, 1999, on the transaction after
accounting for all related costs," said Scott J. Konieczny, Secom's chief
financial officer.  Separately Konieczny added, "The company anticipates
recording approximately $600,000 of pre-tax asset write-downs at its Uniflow
unit, in the same quarter, related to the discontinuance of products other
than the transmission shaft."
    Separate from the above $1.9 million pre-tax gain from the transmission
shaft program settlement and the $600,000 of pre-tax asset write-downs, the
company expects to earn seven to 12 cents per share from operations for the
fourth quarter, compared to a post-split net loss of $0.16 per share
(reflecting a one-for-five reverse stock split effective April 14, 1999), in
the same quarter last year.
    Secom is a leading supplier of various metal parts and tooling for
primarily the automotive and trucking industries.  Secom operates
in two business segments:  (1) metal parts forming, and (2) tooling for the
cold/hot forming industry.  Sales and manufacturing are completed through
four subsidiaries located in the metropolitan Detroit area.
    This management's press release includes a number of forward-looking
statements, which reflects the company's current views with respect to future
events and financial performance.  These forward-looking statements are
subject to certain risks and uncertainties that could cause results to differ
materially from historical results or those anticipated.  In this release the
word "expects", "anticipates", "believes" and similar expressions identify
forward-looking statements, which speak only as to the date hereof.