AWM Investment Company, Inc. - News Release

NEW YORK, Nov. 25 /CNW/ - AWM Investment Company, Inc. ("AWM") announced today that three funds advised by it have acquired additional shares ("Shares") and warrants of Xebec Adsorption Inc. ("Xebec") as part of a private placement from treasury of units at a price of Cdn.$0.75 per unit, with each unit consisting of one Share and a warrant to acquire 1/2 of a Share.

The three funds (the "Funds") are the Special Situations Fund III QP, L.P., the Special Situations Private Equity Fund, L.P., and the Special Situations Cayman Fund, L.P.

3,333,400 Shares of Xebec, and warrants to purchase 1,666,700 Shares, were purchased by the three Funds, representing approximately 13.6% of the outstanding or deemed outstanding Shares. The Special Situations Fund III QP, L.P. purchased 2,052,492 Shares and warrants to purchase 1,026,246 Shares, the Special Situations Private Equity Fund, L.P. purchased 666,666 Shares and warrants to purchase 333,333 Shares, and the Special Situations Cayman Fund, L.P. purchased 614,242 Shares and warrants to purchase 307,121 Shares.

Following this purchase, the three Funds own 8,443,900 Shares of Xebec, and warrants to purchase 4,789,700 Shares, representing approximately 33.2% of the outstanding or deemed outstanding Shares. The Special Situations Fund III QP, L.P. holds 5,985,865 Shares and warrants to purchase 3,477,801 Shares, the Special Situations Private Equity Fund, L.P. holds 666,666 Shares and warrants to purchase 333,333 Shares, and the Special Situations Cayman Fund, L.P. holds 1,791,369 Shares and warrants to purchase 978,566 Shares. The three Funds own the securities, and AWM controls such securities.

AWM holds the Shares of Xebec on behalf of the three Funds for investment purposes. AWM and/or the three 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 three Funds may be considered to act jointly or in concert.

SOURCE AWM Investment Company, Inc.

For further information: For further information: AWM's address is 527 Madison Avenue, Suite 2600, New York, New York 10022. Contact: Austin W. Marxe, President of AWM at tel. (212) 319-6670

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