09:04     ANGELS TECH<08112> - Yearly Results Announcement (1)                

                                                                              
    Angels Technology Company Limited announced on 29/03/2005:                
    (stock code: 08112 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Modified                                                
                                                                              
    Important Note:                                                           
                                                                              
    This result announcement form only contain extracted information          
    from and should be read in conjunction with the detailed results          
    announcement of the issuer, which can be view on the GEM website          
    at http://www.hkgem.com                                                   
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 33,701             23,854            
    Profit/(Loss) from Operations      : (2,839)            (8,851)           
    Finance cost                       : (138)              N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : (1,433)            (1,155)           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (4,410)            (10,006)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0216)           (0.051)           
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (4,410)            (10,006)          
    Final Dividend                     : N/A                N/A               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
                                                                              
            For and on behalf of                                              
            Angels Technology Company Limited                                 
                                                                              
    Name :  Manson Wong                                                       
    Title : Company Secretary                                                 
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for       
    the accuracy of the information contained in this results announcement    
    form (the "Information") and confirm, having made all reasonable          
    inquiries, that to the best of their knowledge and belief the             
    Information are accurate and complete in all material respects and        
    not misleading and that there are no other matters the omission of        
    which would make the Information herein inaccurate or misleading. The     
    Directors acknowledge that the Stock Exchange has no responsibility       
    whatsoever with regard to the Information and undertake to indemnify      
    the Exchange against all liability incurred and all losses suffered       
    by the Exchange in connection with or relating to the Information.        
                                                                              
    Remarks:                                                                  
                                                                              
    1 General and basis of preparation                                        
    (a) The Company was incorporated in the Cayman Islands on                 
    7 April 2000 as an exempted company with limited liability under          
    the Companies Law (2000 Revision) of the Cayman Islands. The              
    Company's shares were listed on the GEM on 30 August 2001.                
                                                                              
    (b) The Group reported a loss attributable to shareholders of             
    HK$4,410,000 and a net cash outflow from operating activities             
    of HK$3,009,000 for the year ended 31 December 2004.                      
                                                                              
    The Directors have continued to tighten cost controls over operating      
    costs to improve the cash flows, profitability and operations of the      
    Group. The Directors believe that the Group will have sufficient          
    working capital for its future operational requirements. Accordingly,     
    the financial statements have been prepared on a going concern basis.     
    Currently, the Group's operations are funded by its internal              
    resources. The continuation of the Group's business depends upon          
    the ability of the Group to attain profitable and positive cash flow      
    operations to meet its future working capital and                         
    financial requirements.