09:47     RICHE M-MEDIA<00764>-Announcement&Resumption of Trading (2)         

    To the best of the knowledge of the Directors, the current principal      
    activity of Leadfirst is investments holding, and it will be principally  
    engaged in the marketing and promotion of the Vessel and the provision    
    of rolling and settlement service for customers of the Casino upon the    
    commencement of operation of the Vessel and the Casino. Leadfirst has     
    been appointed by the sole operator of the Casino as the sole and         
    exclusive service provider for the promotion and introduction of          
    customers to the Vessel and the provision of rolling and settlement       
    service for customers of the Casino under a binding memorandum of         
    understanding. The term of which is for 3 years with an option to renew   
    for another 3 years. Such functions have been subcontracted to Best       
    Winning under the Sub-Marketing Agreement. So far as the Directors are    
    aware, the appointment of Leadfirst as the sole and exclusive service     
    provider for the promotion and introduction of customers to the Vessel    
    and of rolling and settlement service and its term of appointment by the  
    sole operator of the Casino mirrors that of the Sub-Marketing Agreement.  
    Save for the entering into the Sub-Marketing Agreement with Leadfirst,    
    Best Winning has not commenced any significant business operations since  
    its incorporation. The paid-up capital of Best Winning is US$1.           
                                                                              
    Information relating to the Vessel                                        
                                                                              
    The Vessel was built in 1992 with a carrying capacity of 354 guests.      
    Owing to its unique, twin-hull design, the Vessel provides the most       
    stable ride of any ship at sea. It has been operating as a cruise liner   
    in Caribbean and Mediterranean. The Vessel possesses ocean-view           
    accommodation, dining facilities and functions rooms. Other facilities    
    include the gaming room, private club, spa & beauty salon, fitness        
    center facilities and lounge. The Vessel was accredited as the "World's   
    Best Small Cruise Line" by Travel & Leisure in 2001.                      
                                                                              
    The Vessel is owned by a private company which is owned indirectly as to  
    approximately 12% by Mr. Ki and as to the remaining by various            
    independent third parties. Under certain agreements, the owner of the     
    Vessel leases the Vessel to the operator of the Vessel and the operator   
    of the Vessel leases the Casino to the operator of the Casino. The        
    operator of the Casino appoints Leadfirst as the sole and exclusive       
    service provider for the promotion and introduction of customers to the   
    Vessel and the provision of rolling and settlement service for customers  
    of the Casino. The Directors have confirmed that (i) save as aforesaid,   
    the owners of the Vessel are independent of and not connected with, and   
    do not have any business relationship with, the Company, its directors,   
    chief executive or substantial shareholders and their associates; and     
    (ii) the Company is not entering into contracts or dealing with the       
    owners of the Vessel and the owners of the Vessel play no role in the     
    proposed transactions as stated in this announcement.                     
                                                                              
    To the best of the knowledge of the Directors, the shareholders of the    
    Vessel, the shareholders of the operator of the Vessel and the            
    shareholders of the operator of the Casino are not connected persons of   
    the Company and are independent third parties not connected with the      
    directors, chief executive and substantial shareholders of the Company,   
    any of its subsidiaries and their respective associates. Save that Mr.    
    Ki, being the beneficial shareholder of Leadfirst, owns an approximately  
    12% interest in the Vessel and an approximately 30% interest in the       
    operator of the Vessel, the other shareholders of the Vessel, the other   
    shareholders of the operator of the Vessel and the shareholders of the    
    operator of the Casino are not related to any party to the proposed       
    transactions as stated in this announcement. Furthermore, save for the    
    above, the Directors do not recognise the relationship among the          
    shareholders of the Vessel, the operator of the Vessel and the operator   
    of the Casino. Neither the Company nor Best Winning were privy to the     
    relevant leasing arrangements of the Vessel and the Casino. To the best   
    of the knowledge of the Directors, the leases in question were entered    
    into between the owner of the Vessel and the operator of the Vessel and   
    between the operator of the Casino and the operator of the Vessel which   
    shall be for a term of three years with an option to renew for another    
    term of three years.                                                      
                                                                              
    The Company will also enter into the Service Agreement with Mr. Ki upon   
    Completion, pursuant to which Mr. Ki will be engaged as the general       
    manager of the Company for the provision of the foregoing management and  
    consultancy services relating to the promotion and introduction of        
    customers to the Vessel and the Rolling and Settlement Services of the    
    Casino. Details of this agreement are set out under the paragraph headed  
    "Service Agreement" to this announcement.                                 
                                                                              
    Sub-Marketing Agreement                                                   
                                                                              
    Under the Sub-Marketing Agreement, Best Winning is being appointed as     
    the sole and exclusive service provider for the promotion and             
    introduction of customers to the Vessel and the provision of Rolling and  
    Settlement Service for customers of the Casino for a term of three years  
    commencing from the Effective Date. Upon expiry of the three-year term