TOYO Engineering Corporation Acquires Tri Ocean Engineering Ltd.Oct. 4, 2010　Toyo Engineering Corporation(China)

On October 4, 2010, TOYO Engineering Corporation (Mr. Yutaka Yamada, CEO) of Chiba, Japan, completed its acquisition of ASRC Energy Services Tri Ocean Engineering Ltd. of Calgary, Alberta, Canada, from ASRC Energy Services Ltd., a subsidiary of Arctic Slope Regional Corporation of Anchorage, Alaska, USA. TOYO holds 100% of the shares of ASRC Energy Services Tri Ocean Engineering Ltd.

Tri Ocean currently provides engineering, procurement, and project management services to local energy companies in the upstream energy industry. The company has been in business since 1976 and has an impressive history of domestic and international accomplishments. It currently employs 120 people and markets to the upstream sector of the global oil and gas industry, with an emphasis on engineering conventional oil and gas facilities in Western Canada and large module facilities for the Arctic. Tri Ocean specializes in conceptual studies, preliminary engineering and front-end engineering design, and detailed engineering.

TOYO Engineering operates in many diverse sectors, including energy, oil refining, petrochemicals and chemicals, oil and gas development, and infrastructure. It offers project management, comprehensive integrated engineering technologies, high-tech application capabilities, advanced global networking, and worldwide alliance capabilities. TOYO Engineering is a publicly traded company employing approximately 4000 people in 15 countries. The company responds to client needs on a global scale by taking full advantage of the Global TOYO network and provides optimum solutions for projects with respect to quality, schedule and cost, health, safety, security, and environment.

For TOYO, the Tri Ocean acquisition contributes to the company's continued growth and aims to establish a Calgary-based center of excellence for Canadian and international heavy oil and Arctic developments by combining Tri Ocean's reputation and unique cold-weather expertise with TOYO's global network and comprehensive engineering capabilities. TOYO intends to expand its business activities in the oil sands and non-conventional gas development sectors and to provide oil and gas production engineering services in remote areas such as the Arctic and other similar environments.