A.C.L.N. Limited Reports Initial Results of Hyundai Agreement

5 January 2000

A.C.L.N. Limited Reports Initial Results of Hyundai Agreement; A.C.L.N. Ships Over 6,000 Cars Under the Hyundai Agreement Since Mid-November

    LIMASOL, Cyprus--Jan. 5, 2000--A.C.L.N. Limited, www.aclnltd.com , has already shipped more than 6,000 cars to Africa from its new ports in Europe under an agreement reached with Hyundai last November 15, Joseph Bisschops, Chairman of the Board of A.C.L.N., announced today.
    The ports from which these shipments are originating are Hamburg, Bremerhaven, Amsterdam and Rotterdam.
    Under a three-year strategic alliance with Hyundai, A.C.L.N. has the exclusive right to ship used cars in those four ports to Africa on Hyundai's ships. A large percentage of the cars to be shipped from these ports will be shipped with their freight pre-paid, unlike the majority of the cars currently shipped by the company for which freight fees are collected upon delivery in Africa.
    "We are pleased with the preliminary results of our agreement with Hyundai. The strength of the shipping volumes is encouraging, as is the backlog of cars we already have at the various new ports as well as at our original port in Antwerp. This alliance with Hyundai continues to enhance A.C.L.N.'s dominance in shipping used cars from Europe to North and West Africa. More than ever, A.C.L.N. is well positioned to capitalize on the growth in demand for cars from growing African nations," said Bisschops.
    "We are very excited by the success to date of our alliance with Hyundai. Hyundai's selection of A.C.L.N. to be their partner responsible for shipping all used cars from these ports to Africa indicates their recognition of our leadership in this field," commented Aldo Labiad, president and chief executive officer of A.C.L.N. Limited.

    About A.C.L.N. Limited

    A.C.L.N. Limited is a marine logistics company that arranges for the shipment of automobiles from Europe to North and West Africa and the Middle East, and provides for related customs-clearance and stevedoring services. For more information, visit the company's Web site at http://www.aclnltd.com.

    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.