Vision Values Holdings Ltd. — M&A Activity 2000

Dec 20, 2000

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.

ASIA LOGISTICS TECHNOLOGIES LIMITED

亞洲物流科技有限公司*

(Incorporated in the Cayman Islands with limited liability)

Termination of Share Transaction

The Agreement dated 23rd October, 2000 entered into between the Company and Mr. Chan Wing Cheong for the acquisition of the entire issued share capital of Poly-Asia was terminated on 19th December, 2000.

Reference is made to the Company's announcement dated 23rd October, 2000.

Pursuant to the Agreement dated 23rd October, 2000 entered into between the Company and Mr. Chan Wing Cheong (the "Agreement"), the Company conditionally agreed to purchase from Mr. Chan Wing Cheong the entire issued share capital of Poly-Asia (China) Company Limited ("Poly-Asia") for an aggregate consideration of HK$12,000,000. The consideration is to be satisfied by a cash payment of HK$1,200,000 and the issue of 35,363,458 fully paid ordinary shares of HK$0.01 each in the share capital of the Company at a price of HK$0.3054 each. No payment has been made by the Company and no shares of the Company has been issued pursuant to the Agreement.

The Company announces that a termination agreement was entered into by the parties to terminate the Agreement on 19th December, 2000. As a result, the acquisition of the entire issued share capital of Poly-Asia under the Agreement will not proceed. The directors of the Company considered that it was not in the interest of the Company to proceed with the Agreement and confirmed that the termination of the Agreement will not have any impact to the Company.

By Order of the Board

Asia Logistics Technologies Limited

Chan Ki

Director and Chief Executive Officer

Hong Kong, 19th December, 2000

* For identification purpose only

Please also refer to the published version of this announcement in the i Mail dated 20/12/2000.