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Exco Technologies Limited and TecSyn International Inc. -- Announcement

11 August 2000

Exco Technologies Limited and TecSyn International Inc. -- Announcement

    TORONTO - Exco Technologies Limited and TecSyn International Inc. announced that at a special meeting of shareholders held today the shareholders of TecSyn approved a proposed transaction under which Exco would acquire all the outstanding common shares of TecSyn.

    The proposed transaction is to be implemented by an amalgamation between TecSyn and Exco Acquisition Limited, a wholly owned subsidiary of Exco, for a cash price of $2.70 per TecSyn share.

    Approximately 59% of TecSyn's outstanding shares were voted on the resolution of which a total of approximately 77% approved the transaction. The transaction was also approved by the requisite majority of the shareholders other than the Chairman of the Board of TecSyn.

    The transaction is currently expected to be completed in early September.

    TecSyn is the leading global supplier of automotive restraint and convenience netting products. TecSyn is also a manufacturer of advanced powdered metal cylinder liners utilizing TecSyn's proprietary cold isostatic compaction technology. Exco produces precision-engineered tooling primarily for automotive and industrial markets.

    Mr. Brian Robbins, the President of Exco, stated, "We are extremely pleased with today's vote and the approval by TecSyn's shareholders of our proposal. We can now move forward with our plan to add TecSyn to our existing automotive business." Exco intends to finance the purchase price of approximately $48.6 million through a combination of existing cash resources and Exco's operating lines.