09:17     WANASPORTS<08020> - Announcement (2)                                

                                                                              
    set out in the Company's latest published annual                          
    report, as adjusted by the unaudited net loss for the                     
    three months ended 30 June 2003 and the net proceeds                      
    for the placing of shares of the Company, details of                      
    which are set out in the Company's announcement dated                     
    23 April 2003, the Wanasports Disposal does not                           
    constitute a notifiable transaction under the then                        
    GEM Listing Rules.                                                        
                                                                              
    Trading of the shares of the Company                                      
                                                                              
    Trading of the Company's shares has been suspended                        
    from 11:22 a.m. on 24 June 2003, pending further                          
    update on the Group's financial position and                              
    operations in particular, the CO Disposal.                                
                                                                              
    By order of the board of Directors                                        
    Chiang Wee Tiong                                                          
    Director                                                                  
                                                                              
    Hong Kong, 12 April 2005                                                  
                                                                              
    For information purposes, the directors at the time                       
    of the Acquisition and the Wanasports Disposal were:                      
                                                                              
    Executive Directors                                                       
                                                                              
    Mr. Wan Chi Keung                                                         
    Mr. Yam Tat Wah                                                           
    Mr. Chiu Chun Hung                                                        
                                                                              
    Independent non-executive Directors                                       
                                                                              
    Ms Chung Siu Lung                                                         
    Mr. Kan Wing Fai, Terry                                                   
                                                                              
    As at the date hereof, the Company has the following                      
    Directors:                                                                
                                                                              
    Executive Directors                                                       
                                                                              
    Mr. Wan Chi Keung                                                         
    Mr. Chiang Wee Tiong                                                      
    Ms. Luk Siu Hung                                                          
    Mr. Ian George Dallas                                                     
                                                                              
    Independent non-executive Directors                                       
                                                                              
    Mr. Terry Butcher                                                         
    Mr. Vincent Yu                                                            
    Mr. Chan Cher Boon                                                        
                                                                              
    This announcement, for which the Directors                                
    collectively and individually accept responsibility,                      
    includes particulars given in compliance with the GEM                     
    Listing Rules for the purpose of giving information                       
    with regard to the Company. The Directors, having made                    
    all reasonable enquiries, confirm that, to the best                       
    of their knowledge and belief:- (1) the information                       
    contained in this announcement is accurate and                            
    complete in all material respects and not misleading;                     
    (2) there are no other matters the omission of which                      
    would make any statement in this announcement                             
    misleading; and (3) all opinions expressed in this                        
    announcement have been arrived at after due and                           
    careful consideration and are founded on bases and                        
    assumptions that are fair and reasonable.                                 
                                                                              
    The above announcement is a summary only. For the full                    
    version of this announcement, please refer to the                         
    "Latest Company Announcements" page on the GEM                            
    website of www.hkgem.com.