09:23 MASSIVE RES<00070> - Announcement The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is for information purposes only and does not constitute an invitation or offer to acquire purchase or subscribe for any securities. MASSIVE RESOURCES INTERNATIONAL CORPORATION LIMITED (Incorporated in Hong Kong with limited liability) (Stock code: 70) LAPSE OF THE ACQUISITION AGREEMENT Lapse of the Acquisition Agreement The Board announces that given that the conditions precedent to completion of the Acquisition Agreement has not been completely fulfilled or waived by 30 April 2005, the Acquisition Agreement is terminated and no party thereto shall have any claim against or liability to the other parties. As at the date of the announcement, no consideration for the Acquisition has been paid by the Company to the Vendor. Reference is made to the announcements of the Company dated 25 November 2004 and 23 December 2004 (the "Announcements") and the circular of the Company dated 24 December 2004 (the "Circular") regarding the proposed acquisition of 70% of the issued share capital of EC Link Pacific Limited. Unless otherwise defined hereunder, terms used herein shall have the same meanings as in the Announcements and the Circular. Lapse of the Acquisition Agreement Completion of the Acquisition Agreement is subject to the following conditions precedent: 1. delivery of completion accounts as at the date on which the Conditions are first satisfied or waived in form and substance satisfactory to the Company and the Company having notified the Vendor that it elects to complete the Acquisition Agreement after considering the financial situation of EC Link as shown in those completion accounts; 2. the Vendor delivering to the Company a legal opinion (which should cover the validity and legality of the Operation (including the gaming/betting related lending activities) under the revised structure for carrying out of the Operation) addressed to the Company in form and substance satisfactory to the Company; 3. all consents, waivers, approvals, authorizations and clearances (if any) of any relevant governmental or regulatory authority (including the Stock Exchange) or any relevant third party necessary for the parties to enter into and perform the Acquisition Agreement and to give effect to the transactions contemplated under the Acquisition Agreement having been obtained; 4. the Company receiving evidence to its reasonable satisfaction that it will on Completion have acquired the Sale Shares and the Sale Loan or the Effective Interest; and 5. no change occurring in the condition, financial or otherwise of the Operation which in the reasonable opinion of the Company is or may be prejudicial to or adverse to the interests of the Company. The Board announces that given that none of the above conditions precedent to completion of the Acquisition Agreement has been completely fulfilled or waived by 30 April 2005, the Acquisition Agreement is terminated and no party thereto shall have any claim against or liability to the other parties. As at the date of the announcement, no consideration for the Acquisition has been paid by the Company to the Vendor. As at the date of this announcement, the executive Directors are Mr. Chen Chak Man, Mr. Lau Kwok Hung, Mr. Lau Kwok Keung, Mr. Chan Shiu Kwong, Stephen and Ms. Chik Siu Yin, Urica, and the independent non-executive Directors are Mr. Chow Pui Fung, Mr. Hung Shui Nam and Mr. Yue Fu Wing. By order of the board of Massive Resources International Corporation Limited Lau Kwok Hung Executive Director 3 May 2005, Hong Kong