AWM Investment Company, Inc. - NEWS RELEASE

NEW YORK, May 27, 2011 /CNW/ - AWM Investment Company, Inc. ("AWM") announced today that warrants of Xebec Adsorption Inc. ("Xebec") owned by three funds (the "Funds"), each advised by AWM have expired on, May 25, 2011.  These warrants are exercisable for 1,666,700 common shares and are owned in aggregate by Special Situations Fund III QP, L.P. ("SSFQP"), Special Situations Private Equity Fund, L.P. ("SSPE") and Special Situations Cayman Fund, L.P. ("Cayman").  SSQP owns 1,026,246 warrants to purchase 1,026,246 common shares, SSPE owns 333,333 warrants to purchase 333,333 common shares and Cayman owns 307,121 warrants to purchase 307,121 common shares.

Following the expiration of such warrants described above, the Funds collectively own 10,648,103 Shares and warrants to purchase 2,500,000 Shares, representing approximately 27.6% of the outstanding or deemed outstanding Shares. SSFQP holds 7,445,365 Shares and warrants to purchase 1,750,000 Shares, SSPE holds 866,666 Shares and warrants to purchase 200,000 Shares, and Cayman holds 2,336,072 Shares and warrants to purchase 550,000 Shares. The Funds own the securities, and AWM controls such securities, as investment advisor to each of the Funds.

AWM holds the securities of Xebec on behalf of the Funds for investment purposes. AWM and/or the Funds may purchase additional Shares and/or warrants and/or other securities, or dispose of Shares and/or warrants and/or other securities, of Xebec from time to time as circumstances warrant. AWM and the Funds may be considered to act jointly or in concert.

AWM's address is 527 Madison Avenue, Suite 2600, New York, New York 10022.

SOURCE AWM Investment Company, Inc.

For further information:

Rose Carling at 212-319-6670

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AWM Investment Company, Inc.

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