CY Oriental Holdings Ltd. reclassified as Tier 2 issuer on TSX Venture Exchange



    VANCOUVER, July 28 /CNW/ - CY Oriental Holdings Ltd. (TSX-V: CYO) ("CY
Oriental" or the "Company"), a value-added supplier of apparel and fashion
products to leading international brands and retailers, today announced that
its classification on the TSX Venture Exchange (the "Exchange") was changed
from a Tier 1 issuer to a Tier 2 issuer as a result of the Company's shares
remaining suspended for more than ten business days.
    "While the audit of the Company's fiscal 2007 year end financial
statements continues, although in accordance with the Exchange's policies, it
is unfortunate that the Exchange has reclassified CY Oriental as a Tier 2
issuer," said Mr. Ping Chen, President and CEO of the Company. "We remain
optimistic that the audit can be completed in short order, at which time we
will disseminate the Company's financial statements and related year end
filings. Once our financial statement filings are up to date, we will apply
for a revocation of the cease trade order, which we fully expect to obtain,
and in due time, we will apply to become a Tier 1 issuer on the Exchange once
more."
    In accordance with the Exchange's policies, the Company may apply to the
Exchange for graduation to Tier 1 after the Company remains in Tier 2 for a
minimum of six months.

    About CY Oriental Holdings Ltd.

    CY Oriental is a Canadian incorporated, China-based manufacturer and
value-added supplier of apparel and fashion products to leading international
brands and retailers, including department stores. The Company owns and
operates a manufacturing facility in Shanghai, China, and a newly constructed
facility in the city of Tengzhou, China. The Company's ready-made products
include a broad range of high-quality garments, including woven casual wear,
woven formal wear, denim and knit junior sportswear. More information may be
found online by visiting: www.cyoriental.com.

    Forward-Looking Statements

    Certain information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. This forward-looking information includes
information with respect to CY Oriental's expectations relating to the
completion of the audit, the timing for the completion of the audit, the
dissemination of the Company's financial statements and related year-end
filings, the application for a revocation of the cease trade order, the
revocation of the cease trade order and the application to become a Tier 1
issuer on the Exchange. The forward-looking information in this news release
describes CY Oriental's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking information
may differ materially from actual results or events. Material factors which
could cause actual results or events to differ materially from a conclusion in
such forward-looking information include the risk that the completion of the
audit may not be completed in short order due to unanticipated delays or at
all, the dissemination of the Company's financial statements and related
year-end filings may be delayed up to an indefinite period of time, the cease
trade order may not be revoked, the Company may not meet Tier 1 requirements
or the application to become a Tier 1 issuer may not be made or if made, not
be accepted. When relying on CY Oriental's forward-looking information to make
decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. CY Oriental cautions
that the foregoing list of material factors is not exhaustive and is subject
to change.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF CY ORIENTAL AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. WHILE CY ORIENTAL MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.




For further information:

For further information: John Yuan, Vice President and Corporate
Secretary, CY Oriental Holdings Ltd., Tel: 86 21 6237 1159, Email:
john@sh-maoyuan.com; Trevor Heisler, Investor Relations, The Equicom Group
Inc.,  Tel: (416) 815-0700 ext 270, Email: theisler@equicomgroup.com

Organization Profile

CY ORIENTAL HOLDINGS LTD.

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