Ayutthaya, Thailand, January 24, 2005 - The Directors of KR Precision are pleased to announce that the shareholders of KR Precision Public Company Limited (KRP) duly passed all the resolutions that were proposed at today's Extraordinary General Meeting. In particular, the Share Sale and Purchase proposal in relation to the merger between KRP and Magnecomp International Limited (MIL) was approved. The Company has also been informed that at the Extraordinary General Meeting of MIL convened on 24 January 2005, the shareholders of MIL have also approved the Merger.

As the conditions for completion of the Merger have been satisfied, KRP and MIL will proceed to complete the Merger in accordance with the terms of the Share Sale and Purchase Agreement dated 22 November 2004. Following completion of the Merger, MIL will make a tender offer to acquire 100% of shares in KRP from the existing shareholders of KRP in accordance with the requirements of Thai laws.

In conjunction with this merger, KRP is undergoing a major reorganization that will include management changes, a change in the name and trading symbol. The change in the company's name to Magnecomp Precision Technology Public Company Limited is subject to the approval of the Ministry of Commerce (MOC). KRP has also applied to the Stock Exchange of Thailand (SET) for a change in its trading symbol to MPT. The Company will advise shareholders upon notification from the MOC and SET that its requests have been approved.

Headquartered in Ayutthaya, Thailand, KR Precision is a world leader in the manufacturing and optimizing of Suspension Assemblies for Hard Disk Drives and in the manufacturing of precision metal components. KR Precision counts among its customers many of the world’s largest and most well known Hard Disk Drive producers. For more information, please visit the KR Precision website at http://www.krprecision.com.

Magnecomp manufactures hard disk drive suspension assemblies under its Data Storage Components Division (“DS”) for major hard disk drive manufacturers and performs precision stamping, commercial tooling and die, and assembly in its Office Automation and Consumer Electronics Components Division (“OACE”) for a variety of customers worldwide. The Group became a publicly traded company on the Singapore Stock Exchange in January 1998. Magnecomp has manufacturing facilities in China and Thailand and a research and development Technology Center facility close to its USA customers. More information about Magnecomp can be found at http://www.magnecomp.com.