LOS ANGELES — WestPark Capital, Inc. announced the closing of a WRASP(SM) transaction for
Asia Time Corporation (AMEX: TYM). A WRASP is a unique transaction process where a
private company becomes publicly traded through a reverse merger, with its common stock
trading directly on the American Stock Exchange or another senior exchange. A WRASP
involves a comprehensive set of interrelated transactions managed by WestPark Capital, a FINRA
registered broker-dealer. Asia Time’s transaction represents the third WRASP completed by
WestPark Capital.

“With our third WRASP, we have further demonstrated a new means through which profitable
growth companies are able to list on a reputable exchange and raise capital, as well as promote
investor and regulatory visibility, thereby supporting their business growth opportunities. As a
result, we are seeing an increasing number of clients that want to undertake this process,” stated
Richard Rappaport, CEO of WestPark Capital. “WestPark’s WRASP blends elements of an
initial public offering and a reverse takeover, combining the cost-effectiveness and timeliness of
an RTO, while retaining the increased market awareness and visibility of an IPO,” added Kevin
DePrimio, Executive Vice President.

WestPark Capital completed its first two WRASP transactions in June and September of 2007,
respectively, for China Shenghuo Pharmaceutical, Inc. (AMEX: KUN) and China Architectural
Engineering, Inc. (AMEX: RCH).

WestPark Capital, Inc. was the sole underwriter for the offering. The registration statement
related to these securities has been declared effective by the Securities and Exchange
Commission. This news release shall not constitute an offer to sell or the solicitation of an offer
to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering is made only by prospectus. A copy of the
final prospectus may be obtained from WestPark Capital, Inc., 1900 Avenue of the Stars, Suite
310, Los Angeles, CA 90067, by phone at (310) 843-9300, facsimile (310) 843-9304, or email
jstern@wpcapital.com.

About WestPark Capital, Inc.

WestPark Capital is a leading investment banking and securities brokerage firm serving the needs
of private and public growth companies in North America and Asia. WestPark is committed to
forging lasting partnerships with emerging growth companies and the investors who back them.
WestPark provides customized financial solutions and a complete range of investment banking
and brokerage services to corporate and individual clients. WestPark provides a comprehensive
range of corporate finance services, including WRASP transactions, initial public offerings,
reverse mergers, follow-on offerings and private placements, and financial advisory services.
Additional information about WestPark Capital, Inc. is available at www.wpcapital.com.

Corporate and Investor Contacts:

WestPark Capital, Inc.
       Tel: (310) 843-9300
        www.wpcapital.com

       Richard Rappaport
       Kevin DePrimio
       
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