Rubincon Ventures Updates Merger Plans With API Electronics Group

BELLINGHAM, WA--(MARKET WIRE)--May 2, 2006 -- Rubincon Ventures, Inc. (OTC BB:RBCV.OB - News) (the "Company") is pleased to announce today that the planned merger with API Electronics Group Corp. (OTC BB:AEGCF.OB - News) ("API"), as previously announced on March 27th, continues towards completion.
Rubincon Management also notes that API recently released news announcing record financial results for its fiscal third quarter and nine months ended February 28, 2006. The quarterly filing has been submitted to the SEC and a complete transcript of API Electronic Group Corp's press release is available at the company website; www.apielectronics.com.

ABOUT API ELECTRONICS

API Electronics Group Corp., through its wholly owned subsidiaries API Electronics Inc., Filtran Group and TM Systems, is engaged in the manufacture of electronic components and systems for the defense and communications industries. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin and numerous other top technology-based firms around the world, API regularly ships off-the-shelf and custom designed products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, Connecticut and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Electronics trades on the OTC Bulletin Board under the symbol AEGCF. For further information about Filtran Group and API Electronics, please visit the company websites at www.filtran.com and www.apielectronics.com.

Safe Harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Rubincon Ventures, Inc. and/or API Electronics Group Corp. and its subsidiaries and affiliates have little or no control.

ON BEHALF OF THE BOARD
Rubincon Ventures, Inc.
Guy Peckham, Director