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A-Max results reflect acquisition

17 July 2008

HONG KONG -- (PRESS RELEASE) -- A-Max Holdings Limited (HK:0959) ("A-Max" or "the Company") today announced that its results for the financial year ended 31 March 2008 will reflect a non-operational, non-cash impairment charge on intangible assets related to the Company's acquisition of a 49.9% interest in Greek Mythology (Macau) Entertainment Group Limited ("Greek Mythology") which was completed in March 2006. The non-operational, non-cash impairment charge of approximately HK$1.3 billion, will result in A-Max recording a loss of approximately HK$1.2 billion for its financial year ended 31 March 2008. A-Max noted that before the impact of the non-operational, non-cash impairment charge, the Group generated an operating profit of approximately HK$172 million for the financial year ended 31 March 2008, compared to an operating profit of approximately HK$98 million for the financial year ended 31 March 2007. The above noted amounts have not yet been finalized and are subject to confirmation with the Company's auditors.

A-Max will host an investor conference call on 25 July 2008 to review the Company's annual results as well as its current business activities, which are primarily focused on the gaming promotion business in Macau. Details of the investor call will be provided at a later time.

Mr. Ted Chan, Chief Executive Officer of A-Max, commented, "The operating results of Greek Mythology Casino were impacted by new competitive supply that has entered the Macau market, its unfavorable location relative to these new casinos and the property's relatively small size. The Greek Mythology Casino continues to focus on serving the niche mass market opportunity for players from the neighborhood cities. While this non-operational, non-cash impairment charge impacts our results for the financial year ended 31 March 2008, our future operating results will benefit from a meaningful reduction in amortization expense for intangible assets and will also clearly reflect the profitability of our junket aggregation business model which was effected in late 2007. Our junket aggregation business has generated an impressive unaudited rolling chip volume of more than HK$139 billion in the Macau market since its operation in mid-December 2007 to 31 March 2008."

Greek Mythology promotes and manages the Greek Mythology Casino in Taipa, Macau. As of 31 March 2007, the Company's consolidated balance sheet included approximately HK$2.3 billion in intangible assets associated with the acquisition of Greek Mythology which is to be amortized over the next 13 years with an annual amortization of approximately HK$178 million. Based on the expected HK$1.3 billion impairment of this intangible asset in the financial year ended 31 March 2008, the Company expects the ongoing annual amortization charges will be substantially reduced by approximately HK$100 million from FY2009 onwards.

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

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