San Francisco (April 4, 1998) - The Walden International ("WI") is pleased to announce the successful initial public offering of one of its portfolio companies, Acelon Chemicals & Fiber Corporation ("Acelon"). The shares of Acelon began trading on April 4, 1998 on the Over-the-Counter Securities Exchange of Taiwan. The offering was underwritten by Chiao Tung Bank. A total of 28.68 million shares were offered at NT$32.50 per share, raising approximately NT$932.17 million (US$29 million).

Acelon was founded in July 1998 by a small team of engineers and technicians with specialized experiences in nylon fiber production technology and a shared vision of ideas and goals for the industry. In 1991, Acelon was the first company in Taiwan to successfully develop "superfine nylon filament." The company's product, Silkylon, has been adopted by international designers for their designs, assuring the product's popularity and success in the market. Acelon's products are best sellers in both domestic and overseas markets, which made their way even to the previously closed markets such as Eastern Europe and the former Soviet Union. With the help of the leading designers from Taiwan and Japan, Acelon's fibers have appeared in Japan, Italy, France and other fashion markets around the world. The company operates in two main principles: to maintain their roots in Taiwan and to make downstream producers more competitive by offering higher quality products.

For the year ended December 31, 1997, Acelon achieved net income of NT$311.96 million on turnover of NT$3.73 billion. The revenues and net profits for the year recorded a 31% and 112% growth over that of 1996.

Established in 1987, WI is an international venture capital firm with over US$800 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.