GMAC Financial Services Bank Holding Company Application Approved by Federal Reserve

NEW YORK, Dec. 24 /PRNewswire/ — GMAC Financial Services today announced
that its application to become a bank holding company under the Bank Holding
Company Act of 1956, as amended, has been approved by the Board of Governors
of the Federal Reserve System. In addition, GMAC Bank has received approval
from the Utah Department of Financial Institutions (UDFI) to convert to a
state bank.

As a bank holding company, GMAC will have expanded opportunities for
funding and access to capital, which will provide increased flexibility and
stability.

“Today’s announcement marks a key turning point in GMAC’s history,” said
GMAC Chief Executive Officer Alvaro G. de Molina. “As a bank holding company,
GMAC will be competitively positioned for the long-term to provide financing
to auto and mortgage consumers and businesses such as automotive dealers. GMAC
has been a leader in these sectors and it is critically important to our
company and the broader economy to resume responsible lending to consumers and
businesses.”

GMAC’s previously announced separate private debt exchange offers and cash
tender offers were subject to the approval of the bank holding company
application. The offers are ongoing and will expire on Dec. 26, 2008 at 11:59
p.m. EST.

About GMAC Financial Services

GMAC Financial Services is a global finance company operating in and
servicing North America, South America, Europe and Asia-Pacific. GMAC
specializes in automotive finance, real estate finance, insurance, commercial
finance and online banking. As of Dec. 31, 2007, the organization had $248
billion in assets and serviced 15 million customers. Visit the GMAC media site
at http://media.gmacfs.com/ for more information.

Forward-Looking Statements

This press release contains various forward-looking statements within the
meaning of applicable federal securities laws, including the Private
Securities Litigation Reform Act of 1995, that are based upon our current
expectations and assumptions concerning future events, which are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those anticipated.

The words “expect,” “anticipate,” “initiative,” “plan,” “intend,” “may,”
“would,” “could,” “should,” “believe,” or the negative of any of those words
or similar expressions is intended to identify forward-looking statements. All
statements contained in or incorporated by reference into this press release,
other than statements of historical fact, including, without limitation,
statements about our plans, strategies, prospects and expectations regarding
future events and our financial performance, are forward-looking statements
that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future
may hold, and we believe these judgments are reasonable, these statements are
not guarantees of any events or financial results, and our actual results may
differ materially due to numerous important factors that are described in Item
1A of our Annual Report on Form 10-K for the year ended December 31, 2007, as
updated by our subsequent Quarterly Reports on Form 10-Q, and our Current
Reports on Form 8-K. Many of these risks, uncertainties and assumptions are
beyond our control, and may cause our actual results and performance to differ
materially from our expectations. Factors that could cause our actual results
to be materially different from our expectations include, among others, the
following: the success, or lack thereof, of, the GMAC offers and the ResCap
offers, GMAC’s access to funding and for access to capital as a bank holding
company and the success, or lack thereof, of the transactions and other
initiatives described in this press release. Accordingly, you should not place
undue reliance on the forward-looking statements contained or incorporated by
reference in this press release. These forward-looking statements speak only
as of the date on which the statements were made. We undertake no obligation
to update publicly or otherwise revise any forward-looking statements, except
where expressly required by law.

VIDEO From Medialink and General Motors: Automobile Magazine Reveals 2009 All-Stars Winners

NEW YORK, Dec. 24 /PRNewswire/ — The winners of the 2009 Automobile Magazine All-Stars Awards have been announced. One of the broadest lists ever compiled, the magazine calls these ten cars the year’s fastest, most exhilarating, ingenious, awe-inspiring, accomplished, and compelling cars available in the U.S.

(See video from General Motors (NYSE: GM) at: http://media.medialink.com/WebNR.aspx?story=36133)

Each year, the editors test, evaluate, and debate the cars that make the biggest impact. This year’s list ranged from the sleek and sexy Jaguar XF, to the cost efficient Honda Fit. Newcomers like the Ford Flex joined repeat winners Chevy Malibu and Volkswagen GTI. The Corvette ZR1, Audi R8, BMW 3-Series, Porsche 911 and Mercedes-Benz C63 AMG helped round out the list.

Registered journalists can access video, audio, text, graphics and photos for free and unrestricted use at http://www.mediaseed.tv.

12FF08-0144

THE 2009 WASHINGTON AUTO SHOW(R): ‘Driven by the Environment’ is Produced by the Washington Area New Automobile Dealers Association (WANADA)

    WASHINGTON, Dec. 24 /PRNewswire-USNewswire/ -- The Washington Auto Show
(WAS), the nation's premier auto show connecting Washington's political elite
to those on the cutting edge of the automotive industry, runs February 4-8,
2009.  This year, the SAE International Government/Industry Meeting will co-
locate with the WAS.

    SHOW SITE:                 The Walter E. Washington Convention Center

    PROMOTIONAL PARTNERS:      The D.C. Lottery, METRO, Green Car Journal and
                                greencar.com

    PARTICIPATING SPONSORS:    AutoTrader.com; State Farm Insurance, Comcast
                                Spotlight, Vehix(TM), Bosch, Hargrove, The
                                Washington Post

    EXHIBITORS:                More than 42 domestic and import manufacturers
                                displaying over 700 new cars, trucks, mini-
                                vans and sport utility vehicles.

    EXHIBIT SPACE:             750,000 square feet with 35-foot ceilings on
                                two levels.

    SHOW DATES AND HOURS:      Wed., Feb. 4 and Thurs., Feb. 5, 10 AM - 9 PM;
                                Fri., Feb. 6 and Sat., Feb. 7, 10 AM - 10 PM;
                                Sunday, Feb. 8, 10 AM - 7 PM.

    ADMISSION:                 Weekday: Adults: $10; Children (ages 6-12): $5;
                                Under age 6: free
                               Weekend: Adults: $12, Children (ages 6-12): $5;
                                Under age 6: free

    TICKET INFO:               Buy online at www.washingtonautoshow.com and at
                                the event.  Call 1-866-WASH-AUTO.

    DISCOUNTS:                 Senior citizens: $2 off with ID. ($8
                                Weekdays/$10 Weekend)
                               Military personnel: $2 off with ID. ($8
                                Weekdays/$10 Weekend)
                               Additional $1 off adult admission with a non-
                                winning DC Lottery ticket.

    SPECIAL PROMO DAYS:        Auto Show Day at the Capitals, Saturday Jan.
                                31: Present a Caps ticket stub at the WAS for
                                $2 off full-price adult admission.
                               Sports Day: Thurs., Feb. 5:
                               AutoTrader.com Day: Friday, Feb. 6: Receive $4
                                off full-price adult admission with designated
                                coupon printed from AutoTrader.com.

    HIGHLIGHTS & CONTESTS:     "Dancing for Toyotas" brings together amateur
                               dancers from the Washington metro area with
                               instructors from Arthur Murray Dance Studios
                               for a chance to win three new Toyotas.

                               Announcement of the Green Car Journal's 2009
                               Green Car Vision Award(TM) on Public Policy
                               Day, Tues., Feb. 3. The most efficient and
                               innovative vehicle will be selected from five
                               finalists: the Chevrolet Volt, Fisker Karma,
                               Honda FCX Clarity, MINI E, and Mitsubishi
                               i-MiEV

                               The Green Car Pavilion, a showcase of the
                               industry's newest and most innovative hybrid
                               and alternative fuel vehicles, including hybrid
                               race cars and battery-powered technology. The
                               pavilion, housed in the entrance of the
                               convention center, reflects the 2009 WAS theme:
                               "Driven by the Environment."

    HOT, NEW CARS:             Among the hundreds of vehicles showcased,
                               highly anticipated, new cars include the: 2010
                               Ford Mustang, Ford Flex, 2010 Prius, Honda
                               Insight, Lincoln MKS, Mazda6, 2010 Chevrolet
                               Camaro, Cadillac CTS Sports Wagon, 2009 Smart
                               for Two, Toyota Venza, Lexus RX450h, Hyundai
                               Genesis and 2009 Nissan 370Z, 2009 Dodge Ram
                               1500, Hybrid racing cars

    PUBLIC POLICY EVENTS:      Uniting industry leaders with Washington's
                               policy makers, regulatory & legislative
                               leaders, and innovators.

                               Public Policy Days -- Open to credentialed
                                media.
                               Mon., Feb. 2:
                               Green Car Summit sponsored by The
                                Green Car Journal, Capitol Hill
                               Tues., Feb. 3:
                               Policy announcements, SAE International
                                Government/Industry Conference Plenary, and
                                the unveiling of The Green Car Journal's 2009
                                Green Car Vision Award(TM).

                               Sneak Peek VIP Preview Reception: 5:30-8 p.m.
                                at the Walter. E. Washington Convention
                                Center. Business Attire.

    SPECIAL GUESTS AND         Corbin Bleu, star of High School Musical, Sun.,
    FEATURED ENTERTAINMENT     Washington Redskins Legend Darrell Green,
                               Alfonso "Poncho" de Anda of Telemundo
                               Ana Maria Canseco of Univision
                               WWE's Batista, Wed., Feb. 4
                               WWE's John Cena, Thurs., Feb. 5
                               Jason Campbell and Antwaan Randle El,
                                Washington Redskins

    HOTEL/AUTO SHOW PACKAGES:  www.washingtonautoshow.com/about/hotels.asp

           Visit the show's Web site at www.washingtonautoshow.com

    For more info:
    Barbara Pomerance
    800-697-7574
    bp@pomeranceassociates.com

Lionax Launches a Unique New Product, “SecuNavi” by Integrating GPS and TPMS Functions

PARIS, December 24 /PRNewswire-FirstCall/ — Lionax, the first Chinese
company listed on Euronext, announced today that it has recently delivered a
unique new product, “SecuNavi”, by integrating GPS and Tire Pressure
Monitoring System (TPMS). Lionax launched this new product at the U.S. AAPEX
Show in Las Vegas on November 1st, 2008. This patented technology provides
solutions for GPS navigation product by adding tire pressure monitoring
functions. It increases the safety of commercial vehicles, and contributes to
reducing their fuel consumption.

The new add-in TPMS technology is easy to use for GPS and allows a more
efficient tire pressure control. By simply plugging in the video cable from
the commercial GPS and replacing it with the add-in wireless pressure data
receiving device connected with the video input cable, information appear
directely on the LCD’s screen of the GPS. Furthermore, when a tire pressure
is critical, an alarm signal is transmitted through a blinking on the LCD
screen. This add-in TPMS technology provides transport companies with a more
centralised and efficient way to control tire pressure.

James Yang, CEO of Lionax said: “Lionax’s patented add-in TPMS technology
and SecuNavi products provide an innovative and attractive solution for
passenger cars, trucks and semi-trailers for both manufacturers and owners.
Lionax was contacted by GPS providers and manufacturers to license its add-in
TPMS technology to existing GPSs in order to commercialise it in Europe and
in the United States. This patented solution for the GPS technology provides
an efficient tire pressure check function designed for commercial vehicles.
The new SecuNavi device is packed with a unique technology that required two
years of R&D development. This new product will be a major contributor for
our revenue in 2009 and it will be a key step for Lionax’s implementation of
its strategy to penetrate the automotive market in Europe and the U.S.A..”

David Liu, CMO of Lionax said: “Orders of SecuNavi products have already
been received, including from major domestic China auto parts distributors,
and, for the first time, from a Southern American customer, DE VITA BERLINCK
from Brazil. Lionax’s add-in TPMS technology and SecuNavi products provide a
competitive solution for car manufacturers and owners. Since last year, in
the United States, tire pressure monitoring has become a legal requirement
for new cars and light trucks. In Europe, a similar legal requirement will be
mandatory by 2012. By using this SecuNavi product, worldwide car drivers and
transport companies will make roads safer, and at the same time will enjoy
GPS navigation, fuel savings and longer tire life. This recently delivered
SecuNavi product is part of Lionax’s implementation of its global marketing
strategy the aim of which is to provide a “Secure Drive, Green Drive”
solution worldwide.”

About Lionax

The Company, listed on Euronext, the Paris stock exchange with stock
symbol “MLION”, designs and develops innovative Tire Pressure Monitoring
System (TPMS),; navigation integrated product with GPS, TPMS and rear view
camera along with digital pressure sensor for the automotive industry.
Lionax’s products help its customers to enhance safety, save money and meet
regulatory requirements affordably. Lionax makes this possible through
technology innovation, manufacturing excellence, research leadership and
best-in-class team of scientists, engineers and management based in China and
the USA.

    LIONAX CONTACTS:

    Financial Dynamics France

    PRESS
    Yannick Duverge
    yannick.duverge@fd.com
    Phone: +33-1-47-03-68-65

    INVESTOR RELATIONS
    Valery Lepinette
    valery.lepinette@fd.com
    Phone: +33-1-47-03-68-62

Cobra Automotive Technologies to Distribute Mobileye’s Vision-Based Driver Assistance Systems Throughout Europe

LOS ANGELES and VARESE, Italy, December 24 /PRNewswire/ — Cobra
Automotive Technologies and Mobileye Vision Technologies announced today a
distribution agreement whereby the two companies will collaborate in selling
the Mobileye Advance Warning System (AWS) throughout Europe to passenger
cars, light commercial vehicles (up to 3.5 tons), insurance companies and
Original Equipment Suppliers. The agreement covers purchase expectation
volumes in the hundreds of thousands over the next three years thereby
expressing the expected growth and acceptance of driving assistance systems
in Europe.

Mobileye’s driver assistance systems offer the only driver safety systems
on the market to combine forward collision warning, lane departure warning,
and headway monitoring in one affordable solution for accident avoidance and
driver behaviour documentation. Mobileye AWS includes a smart camera located
on the front windshield inside the vehicle and utilizes Mobileye’s advanced
vision technologies to detect and measure the distance to vehicles and to
lane markings, providing the driver with timely alerts.

Mobileye is recognized as the international leader in vision-based driver
assistance technologies with customer functions launched by leading
automakers including BMW, GM and Volvo. The forward collision warning assists
in preventing collisions with vehicles ahead by alerting drivers to both
moving and stationary vehicles, while filtering cars in adjacent lanes posing
no threat. The lane departure function monitors the vehicle position in the
lane and alerts the driver to departures from a lane without using the
appropriate turn signal. Maintaining a safe distance from the vehicle ahead
is a task drivers tend to underestimate, resulting in accidents caused by
insufficient distance keeping. Mobileye’s headway monitoring function
calculates the distance from the vehicle ahead, providing the driver with
both numerical and color headway data.

Recently Mobileye’s vision processor for intelligent vehicle systems was
awarded the ‘Best Automotive Design’ prize, as a result of the ‘Best
Electronic Design’ Competition for 2008 launched by the Electronic Design
magazine.

“We see an excellent opportunity to sell and support the Mobileye Advance
Warning Systems in the after-factory fit market. The Mobileye systems fit the
Cobra strategy of mitigating risks associated to driving a vehicle and are a
welcome addition to the Cobra security product range,” said Carmine Carella,
Cobra CEO.

“Mobileye applauds Cobra’s approach to equipping drivers with safety and
security. As drivers continue to risk and lose their lives by driving
inattentively, a growing statistic due to the flurry of in-car distractions
and increasing traffic, Cobra will provide drivers with a variety of driving
solutions to suit any budget,” said Ziv Aviram, CEO of Mobileye Vision
Technologies.

About Mobileye

Mobileye is a pioneer in the development of vision systems for on-board
Driving Assistance Systems; providing data for decision making applications
such as Mobileye’s Adaptive Cruise Controls, Lane Departure Warning, Forward
Collision Warning, Headway Monitoring, High Beam Assist and more. Founded in
1999, the company is recognized as the leading provider of vision-based
driver assistance technologies and has been selected by major automotive
companies worldwide for their production vehicles.

To date, Mobileye’s technology has been launched by BMW 5 Series, 6
Series, 7 Series, Volvo S80, XC70 and V70 models, and Buick Lucerne, Cadillac
DTS and STS.

In addition to OEM activities, Mobileye produces a complete off-the-shelf
line of products, the Mobileye AWS(TM), (Advance Warning System), which
contains features already in OEM production and new customer features to be
launched by OEMs in the future. Mobileye AWS is distributed and sold around
the world both to passenger cars through dealerships and to trucking fleets.
Mobileye N.V. is headquartered in The Netherlands, with a research and
development center in Jerusalem, Israel and sales and marketing offices in
Los Angeles, California; Detroit, Michigan; Nicosia, Cyprus and Tokyo, Japan.

About Cobra

Cobra Automotive Technologies is an Italian company based in Varese, one
of the major international operators in the field of security solutions for
the automotive market. Cobra designs and manufactures electronic systems, and
provides location based services for the management of risks associated to
vehicles, including theft, hi-jack and/or low speed manoeuvres. It provides
Stolen Vehicle recovery services at a pan-European level for Audi, Bentley,
Ferrari, Ford, Hummer, Maserati, Mercedes-Benz, Nissan, Porsche, Renault.
Founded in 1975, Cobra is partner to the main European and Asian car and
motorbike manufacturers, for whom it develops solutions integrated in the
original equipment, and it has a network in the European and Asian market of
about 40 local commercial partners.

Cobra has direct operations in Italy, Germany, France, Spain,
Switzerland, UK, Japan and in China, and it designs and produces electronic
systems at the company’s facility in Varese, Italy, while at the facility in
Sophia Antipolis, France, the software applications for providing location
based services are developed.

Cobra was listed on the Milan Stock Exchange, STAR segment, on December
12, 2006.

The group’s turnover in 2006 totalled 90 million euro, increased by 18,8%
compared with the previous year.

    Press Contacts:
    Mobileye Vision Technologies
    Skip Kinford
    Tel: +1-818-540-5201
    Email: Skip.Kinford@mobileye.com

   http://www.mobileye.com/

    Cobra Automotive Technologies
    Antonella Riva Spolini
    Tel. +39-0332-825-111
    e-mail: a.riva@cobra-at.com

   http://www.cobra-at.com/

Hawk Completes Sale of Quarter Master Industries, Inc.

CLEVELAND, Dec. 24 /PRNewswire-FirstCall/ — Hawk Corporation
(NYSE Alternext US: HWK) announced today that it has completed the sale of
Quarter Master Industries, Inc. to COMP Cams, a leading provider of camshafts
to the high performance racing market located in Memphis, Tennessee.

(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )

The sale completes Hawk’s previously announced strategy to divest the
performance racing segment in order to focus on its friction related
businesses. The Company will retain its Hawk Performance(R) brake business,
which manufactures brake and clutch materials for racing and other performance
automotive applications and which has always been a component of its friction
products segment.

The Company’s financial statements and all other information reflect the
performance racing segment as a discontinued operation for financial reporting
purposes. Terms of the transaction were not disclosed.

The Company

Hawk Corporation is a leading supplier of friction materials for brakes,
clutches and transmissions used in airplanes, trucks, construction and mining
equipment, farm equipment, recreational and performance automotive vehicles.
Headquartered in Cleveland, Ohio, Hawk has approximately 1,200 employees at 14
manufacturing, research, sales and international rep offices and
administrative sites in 8 countries.

Forward Looking Statements

This press release includes forward-looking statements that involve risks
and uncertainties. These forward-looking statements are based upon
management’s expectations and beliefs concerning future events. Forward-
looking statements are necessarily subject to risks, uncertainties and other
factors, many of which are outside the control of the Company and which could
cause actual results to differ materially from such statements. These risks
and uncertainties include, but are not limited to: the Company’s ability to
sell the remaining portion of its performance racing segment on a timely basis
and at terms favorable to the Company. Actual results and events may differ
significantly from those projected in the forward-looking statements.
Reference is made to Hawk’s filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year ended
December 31, 2007, its quarterly reports on Form 10-Q, and other periodic
filings, for a description of other factors that could cause actual results to
differ materially from those in the forward-looking statements. Any forward-
looking statement speaks only as of the date on which such statement is made,
and the Company undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or otherwise.