ASIMCO Technologies and Phillips and Temro Join Forces in China

ASIMCO Technologies and Phillips and Temro Join Forces in China

August 08, 2006

JV to Supply Intake Air Heaters to China's Commercial Vehicle Producers in 4Q of `06

    BEIJING, Aug. 8 /Xinhua-PRNewswire/ -- ASIMCO
Technologies Limited ("ASIMCO"), one of the
leading independent producers of automotive components in
China, and Phillips and Temro Industries ("PTI"),
a leading North American producer of cold start and
emissions control products, today announced plans to
establish a joint venture to design, manufacture and
distribute electrical intake air heaters for the China
diesel engine market. 

    ASIMCO PTI Air Intake System (Yizheng) Co., Ltd., will
be located in a new facility in Yizheng, Jiangsu Province,
China where ASIMCO has three existing manufacturing plants.
 Intake air heaters provide improved combustion during cold
start and initial engine warm-up, ensure smoother and
quicker start-to idle-operation, and reduce the white smoke
emissions resulting from unburned fuel.  Distribution of the
China made intake air heaters to the domestic commercial
vehicle market will begin in the fourth quarter of 2006.

    PTI is a leader in cold start and emissions control
products in the North American market and is recognized for
its innovative designs, engineering and manufacturing
capabilities.  ASIMCO has particular strength in China's
commercial diesel engine sector, having strong sales and
marketing relationships with all the top diesel engine
producers in China.  The global quality intake air heater
manufactured by the joint venture will be added to the wide
range of products which ASIMCO supplies to China's diesel
engine assemblers.  

    Air intake heaters were originally introduced to diesel
engine producers as a cost effective cold weather starting
aid.  However, because they substantially reduce
`hydrocarbon' or `white smoke' emissions, they are becoming
an integral part of the combustion system formula for
meeting clean air emission standards.  

    Jack Perkowski, Chairman and CEO of ASIMCO said,
"This partnership expands ASIMCO's strategic alliances
and strengthens its technological capabilities to serve this
market.  It brings with it important technology to produce a
high performance cold start aid and emissions control
product essential for engine manufacturers to meet
international standards for Euro III and Euro IV emissions
not currently available in the domestic market."

    Gary Edwards, President and CEO of PTI said, "This
cooperation brings together technological, manufacturing and
marketing expertise of the two companies to provide locally
produced, global quality components to the fast growing
China automotive market.  By partnering with a leading
company like ASIMCO, PTI can expand it's global footprint
and more efficiently-enter into the China market."  

    ASIMCO Technologies Limited produces a broad range of
powertrain, chassis, diesel fuel injection and NVH
components for passenger cars and commercial vehicles.  It
operates 18 manufacturing facilities and a network of 52
sales offices in China, three manufacturing facilities and
a regional office in the United States, and a regional
office in the United Kingdom.  ASIMCO supplies both the
Chinese and international automotive markets and has
extensive strategic and technological relationships with
leading international companies from the United States,
Europe and Japan.

    In 2001 and again in 2005, ASIMCO was named one of the
"10 Best Employers in China" in a survey
conducted by Hewitt Associates and 21st Century Business
Herald.

    ASIMCO was formed in 1994, and it is privately held and
based in Beijing, China.

    Phillips and Temro Industries produces a broad range
powertrain and chassis components for both on and off
highway diesel engine markets.  PTI is the leading provider
of cold start and emissions control products in North
America supplying to both engine and motor vehicle original
equipment manufacturers ("OEMs") as well as the
motor vehicle aftermarket.  The Company is also a leading
provider of diesel engine intake and exhaust silencing
products and metal radiator fans serving the stationary
power generation, marine engine and off-highway industries.
 In addition, PTI is the market leader in developing and
supplying Cab Power(TM) systems that allow truck drivers to
use in-cab electrical equipment while eliminating lengthy
idling of diesel engines, thereby reducing fuel consumption
and exhaust emissions. 

    Phillips and Temro is headquartered in Eden Prairie,
Minnesota (near Minneapolis) with additional facilities in
Prior Lake, Minnesota and Winnipeg, Canada, and Tipton,
United Kingdom.

    John F. Perkowski "Jack", Chairman & CEO
of ASIMCO Technologies Limited, received a Bachelor of Arts
degree (cum laude) from Yale University in 1970 and an MBA
degree (with high distinction) from the Harvard Graduate
School of Business Administration in 1973 and was
designated a Baker Scholar.  Mr. Perkowski joined Paine
Webber in 1973 and was the Director of Investment Banking
when he left in 1988 to become the Managing Director of a
leveraged buyout firm.  In 1990, Mr. Perkowski began to
research the concept of investing in Asia, leading to the
formation of ASIMCO in 1994.  Mr. Perkowski developed
ASIMCO's industry approach and strategy for taking an
active management role which has led to the formation of
one of China's largest components companies, which sells to
both the domestic and overseas markets.

    Gary C. Edwards, President and CEO of Phillips and
Temro Industries, received a Bachelor of Science degree in
Industrial Engineering from University of Regina in 1985
and an MBA degree from the University of Manitoba in 1992. 
Mr. Edwards joined Phillips and Temro in 1991 as Engineering
Manager prior to being appointed as President and CEO in
2002.  Since 2002 Mr. Edwards has overseen the
transformation of Phillips and Temro from a `niche',
primarily North American focused company to one of the
leading Global suppliers of cold start and emissions
control technology.

    For further information, please contact:

     Carleen Giacalone				           
     Director of Corporate Communications
     ASIMCO Technologies Limited
     Tel:    [phone] x287
     Mobile: [phone]
     Fax:    [phone]
     Email:  [e-mail]
     Web:    http://www.asimco.com

SOURCE  ASIMCO Technologies Limited