FOR IMMEDIATE RELEASE

CONTACT:          David Mitchell
                  Chairman and CEO
                  North Atlantic Acquisition Corp.
                  212- 486-4444



                        NORTH ATLANTIC ACQUISITION CORP.
                      AGREES TO MERGE WITH MOTO GUZZI CORP.




New York, N.Y. -- August 18, 1998. North Atlantic Acquisition Corp. (OTC: NACQA,
NACQB NACQU) today announced the execution of a definitive merger agreement with
Moto Guzzi Corp.,  the U.S.  parent of Moto Guzzi S.p.A.,  the renowned  Italian
manufacturer  of  high-performance  motorcycles.  North  Atlantic will issue 5.0
million shares of its common stock and $4.75 million of 5% preferred  stock that
will be convertible  into common stock at $15.00 per share,  in exchange for the
entire  equity  interest in Moto Guzzi Corp.  While North  Atlantic  will be the
surviving  corporation,   the  current  shareholders  of  Moto  Guzzi  will  own
approximately 79% of the combined company  immediately  following  completion of
the merger.  North  Atlantic  plans to change its name to Moto Guzzi  Corp.  The
consummation  of the  proposed  merger  remains  subject to the  approval of the
shareholders of both companies.

North  Atlantic  was  formed in 1995 for the  express  purpose  of  serving as a
vehicle to effect a merger,  exchange of capital  stock,  asset  acquisition  or
other business  combination  with an operating  company.  North Atlantic  raised
approximately  $8.9 million net of underwriting fees and expenses in August 1997
through an initial public offering of its common stock. David Mitchell, Chairman
and CEO of North  Atlantic  stated  that,  "Moto Guzzi  represents  an excellent
merger candidate for North Atlantic.






The board of directors will recommend to our shareholders to vote positively for
the transaction."

Moto  Guzzi  plans to  utilize  cash  obtained  through  the  merger  with North
Atlantic,  as well as  financing  secured  from other  sources,  to enhance  the
company's  manufacturing  operations,  to fund  research and  development  costs
incurred in connection with the introduction of new motorcycle and scooter lines
and  to  finance  expended  global  marketing  and  promotion  activities,  with
particular  emphasis  on  the  key  U.S.  market.  In  addition,  the  surviving
corporation  may,  under  certain  circumstances,  realize  proceeds  of  up  to
approximately  $15 million  through the  exercise of North  Atlantic's  existing
warrants,  thereby providing Moto Guzzi with additional equity capital that will
be utilized to further  revitalize  and enhance the  company's  brand and market
position.

Mark Hauser,  who will serve as Chairman of Moto Guzzi  following  completion of
the merger,  stated that, "This transaction provides the equity capital required
to start to execute Moto Guzzi's five year business plan, the objective of which
is to return to, and  ultimately  exceed  sales levels of  approximately  25,000
units annually,  which is below the unit volumes  achieved in the late 1960s and
early  1970s."  Mario Tozzi-  Condivi,  the  President  of Moto Guzzi's  Italian
manufacturing  subsidiary,  stated that,  "The investment we will make following
the merger,  combined with the company's potential relocation of the bulk of its
operations to a  state-of-the  art facility in Monza,  Italy,  will provide Moto
Guzzi with a platform to return to its historical position as one of the leading
designers, manufacturers and marketers of heavyweight motorcycles in the world."






Moto Guzzi,  one of the oldest and most storied  motorcycle  manufactures in the
world,  is  headquartered  in  Mandello  del  Lario,  Italy and is  currently  a
subsidiary of Trident Rowan Group,  Inc.  (Nasdaq:  TRGI).  The company produces
several  models  of  heavyweight  high-performance  motorcycles,  including  the
"California," "Nevada Club," "V10 Centauro" and "1100 Sport Corsa." After a 1993
low in  production  of fewer than 3,000  units,  the  company in 1997 sold 5,593
units and generated  85.9 billion Lira  (approximately  U.S.$50  million) in net
sales.

The  information  in this press release may contain  forward-looking  statements
within the meaning of Section 27A of the  Securities Act of 1933 and Section 21E
of the  Securities  Exchange  Act of 1934,  and is  subject  to the safe  harbor
created by those sections. These forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause actual results
to be  materially  different  from  those  contemplated  by the  forward-looking
statements.