/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TRADING SYMBOL: "CTX.H" NEX
VANCOUVER, March 27 /CNW/ - Virtual China Travel Services Co., Ltd.
("VCTS" or the "Company") (NEX: CTX.H) today announces that further to its
news release of March 14, 2008, Melco China Resorts (Holding) Limited ("Melco
China Resorts") has completed its private placement of approximately
232.5 million subscription receipts at a price of $0.30 per subscription
receipt for gross proceeds of approximately $70 million.
Completion of the Transaction (as defined in our news release dated
March 14, 2008) is subject to a number of conditions, including, but not
limited to, TSX Venture Exchange acceptance and, if applicable pursuant to TSX
Venture Exchange requirements, majority of the minority shareholder approval.
If applicable, the Transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the Transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management
information circular to be prepared in connection with the Transaction, any
information released or received with respect to the Transaction may not be
accurate or complete and should not be relied upon. Trading in the securities
of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the
Transaction and has neither approved nor disapproved the contents of this
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The securities
referred to in this press release will not and have not been registered under
the United States Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption from the
For further information:
For further information: Virtual China Travel Services Co., Ltd., Joanne
Yan, Director, Tel: (604) 961-8188 or (604) 682-0777, Fax: (604) 682-7724,
E-mail: email@example.com; Melco China Resort Investment Limited, Frank Tsui,
Executive Director, Tel: (852) 3151 3777, Fax: (852) 3162 3579, Email: