Alyn Corporation Recaps Annual Meeting.

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--Dec. 23, 1999

Alyn Corporation (Nasdaq: ALYN), an advanced metal matrix composite technology company, held its Annual Meeting on Dec. 16, 1999.

It has recently come to the attention of the Company that some shareholders had not received their ballots in time to participate in the meeting even though the declaration of mailing for the proxy was Dec. 2, 1999. Therefore, the Company offers its apologies to those who did not have the opportunity to participate and provides this brief overview of the meeting.

The Annual Meeting was held at the Company's Irvine headquarters. Attendees were welcomed by Mr. Bob Burr, Chairman of the Board, who introduced the current directors and called the meeting to order. Mr. Burr called for a motion electing six directors, Robert L. Burr, Arne van Roon, Robin A. Carden, Harry Edelson, David J. Edwards, and Michael Markbreiter, to hold office until the 2000 Annual Meeting. The motion was seconded and carried, and the six directors were declared elected. Mr. Burr called for a motion to approve the 1999 Stock Incentive Plan. The motion was seconded and carried, and the Plan was declared approved. No further business came before the meeting and the formal portion of the Annual Meeting adjourned.

Mr. van Roon then made a short presentation on the current position of the Company and its recent accomplishments, stating that the fundamental groundwork is being done to increase production. Mr. Maurizio Tosca, Operations, has implemented processes that have dramatically improved the Company's yield. Various process/quality control certification steps are well underway; the Company expects nuclear 10CFR50 Appendix "B" certification by February; and ISO 9001 and QS 9000 certification will follow closely behind. Mr. van Roon further explained that due to the long sales cycle for Boralyn(R) it would take a longer period of time to see significant sales results. In the mean time, the Company is filling its production capacity with other diversified production orders.

Shareholders presented questions to Mr. van Roon regarding the possibility for strategic partners in the European Market, the computer disk program, the financial timeline to cash flow breakeven, and the Company's current product and market focus. Mr. van Roon discussed these issues indicating that the Company will entertain potential strategic partners in the automotive and aerospace markets, which will provide numerous benefits to the Company, including ultimately moving production closer to its destination markets. Mr. van Roon provided an overview of the computer disc program stating that it has not reached constantly decreasing market driven price targets, making it unreasonable to maintain the program at this time. He further explained the steps the Company is taking to implement manufacturing processes directed toward various quality control certifications. As these certifications are obtained, the Company anticipates increases in production, with the goal of reaching cash flow breakeven during calendar year 2000.

The attendees were then taken on a tour of the manufacturing facilities to obtain a better prospective of how the Company functions.

In January 2000, the Company will formally announce the appointment of Ray Brooks as Chief Financial Officer. Mr. Brooks has an impressive and successful financial background, most recently working as CFO/Director of Administration for Rohm Electronics USA, LLC, an electronics components manufacturer and distributor with headquarters in Nashville, Tenn.

Alyn Corporation produces Boralyn, a unique metal matrix composite material that is lighter than aluminum, stronger than titanium and has better wear properties than steel, with principal applications in the nuclear, aerospace, automotive, computer hardware and sporting goods industries.

For additional information, contact Robin A. Carden, Alyn Corporation, 949/475-1525 or email: [e-mail].

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are fluctuations in quarterly operating results, limited historical revenues and prior losses, the Company's limited manufacturing history, market acceptance of the Company's products in commercial quantities, the need for future capital, rapid technological change and new product development, competition and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended Dec. 31, 1998.