JAPAN CBM, PARENT COMPANY OF CBM AMERICA CORPORATION ACQUIRES PANASONIC MECHANISM PRINTER DIVISION

Citizen CBM America Corporation announces the acquisition of Panasonics printer mechanism division by their parent company, Japan CBM Corporation.

TORRANCE, CA -- (April 1, 2003)-- Citizen CBM America Corporation announces the acquisition of Panasonics printer mechanism division by their parent company, Japan CBM Corporation.

As part of an aggressive growth program, Japan CBM Corporation is expanding their product offerings with the acquisition of the wide variety of highly successful Panasonic printer mechanisms. We are very excited about this significant expansion of our thermal and impact printer mechanism line," stated Gregg Gallagher, Executive Vice President. This acquisition will give Citizen CBM America a broader product offering and greatly expand our market presence." Panasonic, Japan CBM and CBM America Corporation are working together to ensure the seamless transition of service, order fulfillment, and business relationships with Panasonics channel partners and customers. The transition is expected to be completed by March 31, 2003.

A wholly independent U.S. corporation, CBM America Corporation is the exclusive sales and marketing agent for Japan CBM Corporation, a world-leading producer of mini-printers and consumer electronics. Japan CBM is the electronic products affiliate of Citizen Watch Co. Ltd., Japan, a world-renowned manufacturer of fine timepieces. CBM's headquarters are located at 363 Van Ness Way, Suite 404, Torrance, CA 90501 (310) 781-1460. You can also visit CBMs website at http://www.cbma.com. or www.citizenprinter.com.
# # #