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Glas-Aire Announces Bonus Share Dividend

10 February 2000

Glas-Aire Industries Group Ltd. Announces Bonus Share Dividend and Increase to Authorized Shares

    STUART, Fla.--Feb. 10, 2000--Glas-Aire Industries Group Ltd. ("Glas-Aire" or the "Company") (PSE:GLA), a leading designer, developer, manufacturer and marketer of original equipment automotive wind deflector accessories to automobile manufacturers world-wide announces share dividend and increase to authorized shares.
    To meet NASDAQ National Market System listing criteria of 1.1 million shares in the public float, the Board of Directors has authorized a special stock dividend of 18.5% to be paid to shareholders of record on March 10, 2000 concurrent with the Company's second 2.5% quarterly stock dividend announced on November 11, 1999 and also to be paid to shareholders of record on March 10, 2000. These stock dividends will result in the issuance of approximately 419,100 additional shares of common stock. Currently there are 1, 995,480 shares of common stock issued and outstanding.
    According to William R. Ponsoldt, Sr. the Company's Chairman and CEO, "As of the completion of the Company's audit for fiscal year 2000 which ended January 31, 2000, and with the conclusion of this stock dividend, the Company will meet all listing criteria for NASDAQ's National Market System and it is the Company's intent to make application to NASDAQ at that time. Additionally, the Board of Directors feels the bonus stock dividend is in the best interest of the shareholders who have supported the Company and believe in its future success."
    Further, the Company announced that action is being taken to increase the number of authorized shares of common stock from 3,000,000 to 30,000,000. Mr. Ponsoldt stated, "This increase in the number of authorized shares is necessary in order to provide additional shares for the Company's aggressive acquisition strategy."

    For additional information, contact William R. Ponsoldt, Sr., Chairman, Glas-Aire Industries Group Ltd. 729 S. Federal Highway, Suite 307, Stuart, Fl. 34994, tel. 561/220-7662, Fax 561/220-2974, ponsoldt@adelphia.net.

    Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.