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Regency Announces Exchange of Common Stock and Control Of Glas-Aire

22 September 1999

Regency Affiliates, Inc. Announces Exchange of Common Stock and Control Of Glas-Aire Industries Group Ltd.

    OMAHA, Neb., Sept. 22 -- Regency Affiliates Inc. ("Regency")
(OTC Bulletin Board: RAFF) announced that it had closed a common stock
exchange agreement with certain shareholders of Glas-Aire Industries Group
Ltd. ("Glas-Aire) (Nasdaq SC: GLAR).  Under the agreement, Regency, in a
private transaction, issued 1,188,000 shares of its restricted common stock to
such shareholders in exchange for 288,000 Glas-Aire common shares held by the
shareholders.  With the closing of the agreement, Regency, either directly or
through its wholly owned subsidiary, Speed.com, holds over 51% of the
currently outstanding common shares of Glas-Aire.
    Glas-Aire, a leading designer, developer, manufacturer, and marketer  of
automotive parts and accessories to automobile manufacturers world-wide,
reported pre-tax earnings of $800,000 on revenue of $6,600,000 in its most
recent fiscal year ended January 31, 1999.  For the six months ended July 31,
1999 Glas-Aire reported pretax earnings of $441,000 on revenue of $4,213,000,
compared to pre-tax earnings of $283,000 on revenue of $2,854,000 for the
comparable  six month prior year period.