SOURCE: Gateway International Holdings, Inc.

April 21, 2005 08:35 ET

Gateway International Holdings Announces Proceedings for Compliance With Late 2003-2005 10-K filings

ANAHEIM, CA -- (MARKET WIRE) -- April 21, 2005 -- Gateway International Holdings, Inc. (OTC: GWYI) announced today that it has received an order instituting proceedings pursuant to Section 12(j) and 21C of the Securities Exchange Act of 1934. The facts are that the Company failed to file two annual reports on Forms 10-K for the fiscal years ended September 30, 2003, and September 30, 2004, which were due to be filed on or before December 30, 2003, and December 30, 2004, and five quarterly reports for the quarters ended March 31, 2003, June 30, 2003, December 31, 2003, March 31, 2004, and June 30, 2004 which were due to be filed on forms 10-Q on or before May 16, 2003, August 14, 2003, February 16, 2004, May 17, 2004, and August 14, 2004.

The company was unable to continue filing its required SEC reports in the middle of 2003 due to its inability to obtain complete financial information regarding one of its acquired subsidiaries, Bechler Cams. The matter was settled in November 2003 and that transaction was rescinded. At the time the Company's advisors felt that accurate filings could not be made. However, following the advice of the Company's new advisors, the Company will be filing its completed 2003 and 2004 audited financials and the five quarterly reports that were not filed no later then May 10, 2005.

Additional information on Gateway International Holdings is available on the Company's website, www.gwyi.com and via their IR firm at www.firstcapitalinvestors.com. A downloadable investor fact sheet for Gateway is available free of charge online at www.firstcapitalinvestors.com/factsheets/gwih.pdf.

"SAFE HARBOR":

This press release may contain forward-looking statements. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

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