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A.C.L.N. Limited Announces Completion of Private Placement

28 September 1999

A.C.L.N. Limited Announces Completion of Private Placement

    PTE-DE-MONACO--Sept. 28, 1999--A.C.L.N. Limited , today announced the completion of a private offering of approximately $8.2 million of common stock under an exemption of Regulation D.
    The proceeds of the offering are expected to be used to acquire up to two used car carrier vessels, for working capital, and for general corporate purposes. As a part of the offering, the Company issued 612,140 shares. The shares sold as a part of the offering are "restricted" and have not been registered under the Securities Acts.
    "The company is pleased with the outcome of this financing. In addition to raising growth capital, public float will increase by 50 percent, and we have further enhanced our visibility within the U.S. investment community," commented Joseph Bisschops, Chairman of the Board of A.C.L.N. Limited.
    A.C.L.N. Limited arranges for the shipment of automobiles from Antwerp, Belgium to North and West Africa and the Middle East. In addition, A.C.L.N. Limited provides shipping, stevedoring and custom-clearing services.

    Forward Looking Statements

    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. Such risk factors and uncertainties include, without limitation, those which are associated with: recent political uncertainty in certain regions where the Company's ports of destination are located; restrictions on the transferability of deposited shipping fees; changes in the demand for used automobiles in the countries of the Company's ports of destination; changes in the prices and supply of used automobiles; economic downturns and currency fluctuations in the countries of the Company's ports of destination; the availability of specialized automobile transport vessels; working capital risks associated with growth of the Company's operations; and competition with other automobile transporters.