(January 12, 1999) Walden International ("WI") is pleased to announce the successful initial public offering of one of its portfolio companies, Ambit Microsystems Corporation ("Ambit"). The shares of Ambit began trading on December 23, 1998 on the Taiwan Stock Exchange. A total of 15.66 million shares were offered at NT$67.50 per share, raising approximately NT$1.06 billion (US$32.53 million). China Development Corporation underwrote the public offering.

Ambit is a global player in providing intelligent power card connectivity solutions for mobile computers and portable consumer products. Founded in February 1991 in Hsinchu Science Industrial Park, Ambit is a joint venture between Acer and Temic. The company specializes in the design and manufacturing of compact circuit modules by using thick film hybrid and Printed Circuit Board (PCB). It offers a complete manufacturing technology such as multiple conductive layers, fine-line printing, laser trimming, surface mount technology, high-speed wire/die bonding, and fully automatic in-circuit and functional testings. It also provides circuit simulations, schematic layout, thermal simulation and design rule check using various software.

For the third quarter ended September 30, 1998, Ambit achieved a net income of NT$241.80 million (US$7.44 million) on a turnover of NT$2.33 billion (US$71.68 million), an 80% growth over that of the same period in 1997.

Established in 1987, WI is an international venture capital firm with over US$850 million in funds under management. WI's international network of investment professionals are located in the United States, Singapore, Hong Kong, Taiwan, Malaysia, the People's Republic of China, the Philippines, Thailand, Indonesia, India, and Australia.