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NEWSRELEASE
FOR IMMEDIATE RELEASE

Flash to be acquired by ASTEEL of Paris, France………

PRESS RELEASE

PARIS, FRANCE and FREMONT, CA, December 21, 2007- ASTEEL and Flash Electronics have announced an agreement for the acquisition of Flash by ASTEEL. ASTEEL will acquire all the stock of Flash and Flash’s shareholders will become important shareholders of ASTEEL. .

The ASTEEL/Flash group will have an annual revenue run rate of over $750M and more than 1M sq/ft of manufacturing capability on four continents. The enhanced global footprint, manufacturing economies of scale, procurement leverage and the unique skill sets of the two companies will enable the ASTEEL/Flash group to provide improved services to all their customers.

Flash Electronics’ U.S. and Asian electronic manufacturing centers are very complementary to ASTEEL’s design, metal/ plastics fabrication capabilities and multiple manufacturing facilities in Europe and Africa. The synergy created by the transaction will enable the Asteel/Flash group to compete favorably on a worldwide basis. This transaction is expected to create significant new growth potential from the current customer base and the ability to attract new OEM’s to the ASTEEL/Flash group’s customer portfolio. Both companies are very pleased with the agreed upon transaction and look with confidence towards the future.

Flash’s current senior management team will remain in place. Both Matthew Liu, the Chairman of Flash, and Chin Fan, the President of Flash, have agreed to maintain an equity participation in the ASTEEL/Flash group.

The ASTEEL/Flash group will be privately held and headquartered in Paris, France. The Acquisition is expected to be completed in February, 2008

About ASTEEL
ASTEEL was founded in 1999 and has grown rapidly through internal revenue generation and a series of strategic acquisitions. ASTEEL currently has 12 manufacturing locations spread between France and Tunisia. The company provides a full range of manufacturing services including electronic manufacturing, mechanical design, PCBA assembly, sheet metal and plastic enclosure fabrication, final assembly and logistics support. ASTEEL created a subsidiary in Romania in July 2007 and will negotiate an acquisition of an EMS company in UK to complete the presence in Europe.

About Flash Electronics
Flash is headquartered in Fremont, CA and was founded in 1994. Flash has four manufacturing sites in Silicon Valley and in 2001 opened its first facility in Shanghai, China quickly followed by a second, larger facility in Suzhou, China. During the past 13 years, Flash has established itself as a premier provider of Electronic Manufacturing Services with a concentration in the communications, industrial control, audio/ video and storage market segments.

For more information, please contact:

Flash Electronics, Inc.
Evelyn Wang
Tel: +1 (510) 440-2840
Evelyn.Wang@flashelec.com

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