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INGRAM MICRO CLOSES ELECTRONIC RESOURCES LIMITED TAKEOVER OFFERSANTA ANA, Calif., Feb. 22, 1999Ingram Micro Inc., the world's largest wholesale distributor of technology products and services, announced today that its subsidiary, Ingram Micro Singapore Inc., completed its unconditional tender offer for the shares and warrants of Electronic Resources Limited (ERL) on February 19, 1999. Taking into account the shares and warrants tendered pursuant to the offer, Ingram Micro's ownership in ERL will increase to 95.1 percent of the issued shares and 94.0 percent on a fully diluted basis. Standard Chartered Merchant Bank Asia Limited acted as financial advisor to Ingram Micro in the transaction. Following the completion of the tender, the ERL board met on February 21, 1999 and took various actions, including adopting a resolution to propose to change the name of the company to Ingram Micro Asia Ltd. The new name will be submitted to the shareholders for approval at the next annual general meeting. The board named continuing members Jeffrey R. Rodek as chairman of the board and Gregory M. Spierkel as deputy chairman. Rodek is president and worldwide chief operating officer of Ingram Micro Inc., and Spierkel is senior vice president and president of Ingram Micro Asia Pacific. Foo Lai Fuan remains as managing director and will continue to lead the organization. Tong Kok Chiang, one of the original founders of ERL, stepped down from the board as chairman after 14 years of service to the company. James F. Ricketts, vice president and worldwide treasurer for Ingram Micro, was elected to the board to replace Tong. About Ingram Micro Inc.Ingram Micro Inc. (NYSE:IM), headquartered in Santa Ana, Calif., is the world's largest wholesale distributor of technology products and services, and is a leading provider of assembly and integration services with 1998 sales of $22.0 billion. The company and its subsidiaries operate in 31 countries and distribute more than 200,000 products to more than 130,000 resellers in 130 countries. Contact
Kim Strohm
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