09:45     VISION TECH<00922> - Announcement (13)                              

    "Whitewash Waiver"        a waiver by the Executive in respect of the     
    obligation of the Subscriber to make a mandatory general offer in         
    accordance with Rule 26 of the Takeovers Code for all the Shares not      
    held by the Subscriber or party acting in concert with it, which          
    obligation may otherwise arise as a result of the exercise of the         
    Conversion Rights                                                         
                                                                              
            By Order of the Board of                  By Order of the Board of
            VISION TECH INTERNATIONAL HOLDINGS LIMITED      CEO VENTURES      
                                                            LIMITED           
            Mrs. Pei Chen Chi Kuen                   Lau Chi Yung, Kenneth    
            Chairman                                 Director                 
                                                                              
    Hong Kong, 8th March, 2005                                                
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mrs. Pei Chen Chi Kuen, Dr. Pei Yaw Liang and Mr. Yang Chun   
    Thomas The non-executive directors of the Company are Mr. Cheng Hong      
    Cheung, Mr. Lam Kwok Ming and Mr. Leung Wing On Louis.                    
                                                                              
    The directors of the Company jointly and severally accept full            
    responsibility for the accuracy of information contained in this          
    announcement (other than that relating to the Subscriber) and confirm,    
    having made all reasonable inquiries, that to the best of their           
    knowledge, the opinions expressed in this announcement (other than those  
    expressed by the Subscriber) have been arrived at after due and careful   
    consideration and that there are no other facts not contained in this     
    announcement (other than those relating to the Subscriber), the omission  
    of which would make any statement in this announcement misleading.        
                                                                              
    As at the date of this announcement, the directors of the Subscriber are  
    Mr. Lau Chi Yung, Kenneth and Mr. Michael Koon Ming Choi.                 
                                                                              
    The directors of the Subscriber jointly and severally accept full         
    responsibility for the accuracy of information contained in this          
    announcement (other than that relating to the Group) and confirm, having  
    made all reasonable inquiries, that to the best of their knowledge, the   
    opinions expressed in the announcement (other than those expressed by     
    the Group) have been arrived at after due and careful consideration and   
    that there are no other facts not contained in this announcement (other   
    than those relating to the Group), the omission of which would make any   
    statement in this announcement misleading.