Pacrim International Capital Inc. announces year end results for fiscal 2007



    HONG KONG, Sept. 28 /CNW/ - PACRIM INTERANTIONAL CAPITAL INC. (PCN: TSX)
(the "Company"), is pleased to report the Company's results for the year ended
June 30, 2007.

    
    FOR THE YEAR ENDED JUNE 30, 2007:

    - FINANCIAL HIGHLIGHTS

                                                      Year ended June 30,
                                                      2007          2006
                                                        $             $

    Revenue                                          4,195,354    18,558,744
    Income from properties                             504,081     1,257,716
    Net Income (loss)                               (1,421,387)     (922,568)
    Funds from Operations                          (12,151,843)     (881,979)

    Total Assets                                    51,014,645    63,369,604
    Income Properties                               15,667,154    35,543,857
    Mortgages                                        6,185,530    20,329,725

                                Per Common Share
    Net Income                                          (0.022)       (0.015)


    - REVIEW OF OPERATIONS

    A breakdown of the Company's revenue for the year ended June 30, 2007
compared to the year ended June 30, 2006 is as follows:

                                                      Year ended June 30,
                                                      2007          2006
                                                                     $
    Rental properties                                  604,091     1,657,334
    Hospitality                                      1,453,280    13,965,751
    Condominium sales and other                      2,137,983     2,935,659
    Total                                            4,195,354    18,558,744
    

    Revenue in 2007 decreased by $14,363,390.

    Revenue from rental properties decreased by $1,053,243 from $1,657,334 in
2006 to $604,091 this year. Revenue was mainly generated from Greenland Garden
this year while in 2006 the revenue was recognized from Greenland Garden and
Wedgewood Plaza which were sold in the third quarter of 2006.
    Hospitality revenue from the three hotels, owned by a subsidiary,
decreased by $11,018,559, from $12,331,433 in 2006 to $1,312,874 this year.
Revenue from the restaurant division decreased by $1,578,981 from $1,727,120
in 2006 to $148,139 this year.
    Revenue from condominium sales and other decreased by $797,676 from
$2,935,659 in 2006 to $2,137,983 this year.
    Condominium sales include revenue from one remaining development - The
Royalton in Halifax, Nova Scotia. A total of 4 units were closed in the 2007
fiscal year compared to 11 units in the previous year.

    
    Income from properties

                                                      Year ended June 30,
                                                      2007          2006
                                                                     $

    Rental properties                                 (773,555)      227,569
    Hospitality                                        162,415     1,005,057
    Condominium sales and other                      1,115,221        25,090
    Total                                              504,081     1,257,716
    

    Rental properties - Income decreased by $1,001,124. Rental revenue
decreased by 1,053,243 and total expenses decreased by $52,119.
    Hospitality - Income decreased by $842,642 from $1,005,057 in fiscal 2006
to $162,415 in fiscal 2007.
    Condominium sales and other - Income increased by $1,090,131 due to the
decrease in revenue of $797,676, the increase in amortization of $125,540, and
the decrease in direct costs of $2,013,347.

    Net loss

    Net loss for this fiscal year increased by $498,819 to a loss of
$1,421,387 when compared to last fiscal year. In the fiscal 2007 the Company
sold the remaining Canadian income properties including the hotel portfolio
and realized a gain of $6,176,600.

    Outlook

    The Company has chosen to change its strategic direction from being a
firm focused on Canadian real estate to one that is focused on one of the
fastest growing economies in the world - China.
    Using the same formula as in the past, management believes the company
will successfully transition into the Chinese marketplace and continue to grow
through a well-defined internal growth and external acquisition program.
Management intends to seek out and take advantage of opportunities in the
Asian market and will not restrict itself to the real estate or hospitality
industries.
    The full financial statements for the year end and the related
Management's Discussion & Analysis are available on the System for Electronic
Document Analysis and Retrieval (SEDAR) and can be accessed electronically at
www.sedar.com.

    Caution concerning forward-looking statements

    Statements made in this news release, other than those concerning
historical financial information, should be considered forward-looking and
subject to various risks and uncertainties. Such forward-looking statements
are based on management's beliefs and assumptions regarding the information
currently available. The Company's actual results or developments could differ
materially from those expressed in the forward-looking statements. Factors
that could cause results or developments to differ include, among other
things, those expressed in the Company's filings or developments with Canadian
securities regulatory authorities. All information presented herein should be
read in conjunction with such filings.





For further information:

For further information: Guy Lam, Chief Executive Officer, Pacrim
International Capital Inc., Tel. (852) 2526-1554

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PACRIM INTERNATIONAL CAPITAL INC.

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