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Shanghai Electric Group and Morningside Group Buy Akiyama

Press release from the issuing company

March 27, 2003 -- Shanghai Electric Group (SEC), a heavy electronic and industrial equipment manufacturer based in China, and Morningside Group (MS), a global investment group have purchased the business rights including properties, buildings, facilities, and patents of Akiyama Printing Machinery Manufacturing Corporation (APMMC) in January 2002. SEC and MS established the new Akiyama International Company, Ltd (AIC) and resumed manufacturing immediately at Mitsukaido Factory in Ibaraki, Japan. All the Akiyama presses are continued to be manufactured in Japan. During the year 2002, Akiyama (AIC) has concentrated on manufacturing capacity, efficiency and quality. After one year, Akiyama (AIC) has established a strong position in the printing press industry. Akiyama (AIC) sold a great number of presses worldwide in the fiscal year 2002, including JPrint Perfector Presses in the United States, England, Spain, Korea, China and Japan. Akiyama (AIC) has been actively participating in Graphic Arts exhibitions worldwide and recently the JPrint Perfector Press (JP440) received a Gold Medal award at Shanghai International Industry Fair. After one year of preparation in manufacturing, Akiyama (AIC) is ready to engage in the US market. JPrint and Bestech will be the two main products that will be promoted in US market.