CMC POWER SYSTEMS LIMITED(CSY)

name changed to ASF Group Limited

provides Notice of Annual General Meeting of the shareholders of the Company to be held at the Rugby Club, off 31A Pitt Street, Sydney 2000 on 31 March 2006 commencing at 11:00 am - among other resolutions, shareholders are being asked to consider approving the issue and allotment of 650,000,000 ordinary shares in the Company at $0.004 (0.4 cents) each to FY Holdings Limited as consideration for the acquisition of all of the issued shares in AS Fortune Holdings Pty Limited

a director reports that the company is proceeding with the acquisition (see note immediately below) and will advise further of developments as when information is available - requotation of the shares is on the board's list of priorities and will be pursued when appropriate

lodges 2005 annual report

company applies for the quotation of an additional 65,000,000 fully paid ordinary shares and 233,333,333 unlisted options (31/12/06)

company advises that at the General Meeting today, all resolutions were carried unanimously by a show of hands - the address by directors has also been lodged

advises the contact details of its new Share Registry is Registries Limited ABN 14 003 209 836 Level 2, 28 Margaret Street Sydney NSW 2000 Telephone: +61 2 9290 9600 Facsimile: +61 2 9279 066

the company is now a `shell' without material assets - its immediate future is dependent on anticipated further funding from Goldchoice and the possible acquisition of a new business which has not yet been identified - the directors anticipate that the period of Administration will end in the very near future and are working towards seeing a business acquired, the Company's shares re-quoted on ASX, and some shareholder value restored - these matters necessarily will take some time to complete

provides Notice of Annual General Meeting (2004) to be held on 28 November 2005 at 11:00 am at Level 2, 491 Elizabeth St., Surry Hills NSW 2010 - at this meeting there is to be a vote on a number of important matters including the election of two new Directors, the ratification of a prior share placement, the approval to convert a loan from Goldchoice and issue and convert options to Goldchoice, and approval to issue shares in lieu of payment of fees

directors advise of a number of events which serve to restructure and recapitalise the Company - essentially: a Malaysian company has purchased all of the company's assets excluding cash and the Deed Fund (being Intellectual Property) in exchange for releasing the Company from a debt owed by the Company of $620,000 - another company Goldchoice agrees to make available up to $1 million in funding on various terms - various directors have resigned and two new directors appointed - the Intellectual Property is to be transferred in exchange for a royalty of $2 per motor - the company will use the Goldchoice funding to seek new business

deed administrators have received all monies due and are in the process of declaring a dividend to creditors which should be paid in the first week of September - control of the company is with directors and we are seeking to establish what they intend doing with the company

files preliminary final report and annual financial report for year ended 30 June 2004 - of limited value given they are so late

there have been no releases to the market for some five months and we have been seeking an update of developments from director Tony Teng since 23 January 2005

administrators resolve to remove all directors (other than two) and appoint a new director with project management experience - directors are working towards further funding and reorganisation so that the suspension of shares can be lifted

executes Deed of Company Arrangement effectively passing control back to the board of directors

advises that CSY shareholders who subscribed to the recent rights issue will have their contributions refunded in full - also that directors are working with the administrators to strike a deal with creditors so that the suspension on the company's shares can be lifted

MJ Green and PP Krejci of GHK Green Krejci Pty Limited appointed administrators following a decision of the company's board that the company is insolvent or likely to become so - this is never good news for shareholders but it is too early to speculate on the outcomes

company advises consultations with ASIC continue with regard to the interim stop order placed on its prospectus

shares suspended from quotation pending the outcome of discussions with ASIC relative to ASIC's interim stop order placed on the company's rights issue prospectus

name changed from Collins Motor Corporation Limited