--CORPORATE NAME CHANGE TO MOUNTAIN CHINA RESORTS--
--CHANGES TO MANAGEMENT TEAM AND BOARD OF DIRECTORS--
BEIJING, China, June 9 /CNW/ - Melco China Resorts (Holding) Limited (TSXV: MCG) ("MCR" or the "Company"), today announced its change of name to Mountain China Resorts (Holding) Limited following its endorsement and approval by shareholders at its Annual General Meeting held on 1 June, 2010. The change of name recognizes and emphasizes the Company's primary focus on the mountain resort industry in China and its premier and peak position. Also during the course of the Meeting, all proposed resolutions were approved including: the re-appointment of Deloitte Touche Tohmatsu as auditors for the Company; the election of directors; and confirmation of the Company's Stock Option Plan and Restricted Share Unit Plan.
Following the AGM, Mr. Graham Kwan tendered his resignation as CEO and director of the Company and Mr. Danny Liu tendered his resignation as CFO of the Company. Mr. Zhenhua Mao was appointed as Chief Executive Officer, Mr. Gang Han as Chief Financial Officer, and Mr. Wang Lian as Director of Corporate Finance & Investor Relations.
"Despite very challenging economic and market conditions over the last several years the Company has put in place a very strong foundation for future growth," stated Mr. Graham Kwan, outgoing CEO of MCR. "At our Sun Mountain Yabuli resort we have: completed our development master planning and the initial $150 million in improvements of new 5 star hotels and mountain facilities; the acquisition of a land bank of over 200 hectares at Yabuli that can support the development of over 3,500 residential units representing up to an estimated $2 billion in potential future sales; the management agreements with Club Med for their first resort in China; and our recognition as the Best Resort Makeover in Asia by TIME Magazine. With Wisecord Holdings Limited's active involvement MCR benefits from their depth of experience in real estate development, marketing, credit and financial management and their favored position within the China Entrepreneur's Forum and commercial and political network. The Company is in an excellent position going forward to unlock the value within its properties through real estate sales."
"Since 2006 Mr. Kwan has provided the leadership and vision for MCR and established the standard for the China ski resort industry to follow," stated Mr. Zhenhua Mao, Chairman and incoming CEO of MCR. "With Yabuli clearly recognized and acclaimed as the premier ski resort over any other location in China this is an enduring testament to Mr. Kwan's depth of experience in international resort development and operations and recognition of his commitment, achievement and tenacity to work through the duress of the economic downturn and with very limited resources. We are very grateful for his contribution to the Company."
Mr. Graham Kwan will continue as an employee of MCR until August 31, 2010. Thereafter, Mr. Kwan will continue serving the Company as a senior consulting advisor primarily focused on international resort industry practices, capital markets and communications activities, as well as pursuing other independent business interests.
MCR would also like to recognize and thank Mr. Liu for his contributions respectfully as Chief Financial Officer, and wish him well in his future endeavours.
Each of Mr. Mao, Mr. Han and Mr. Wang were recently appointed directors of MCR.
Mr. Zhenhua Mao is the founder and Chairman of China Chengxin Credit Management Co., Ltd the largest credit rating agency in China. He is also an independent director of Fintronics Holdings Company Limited, a company listed on the Hong Kong Stock Exchange. Mr. Mao has extensive experience and has been directly influential in the formulation and development of the credit assessment industry in the country. He also has substantial experience in corporate restructuring and project finance. Mr. Mao holds a PhD in Economics and a Bachelor's degree in Economics from Wuhan University.
Mr. Gang Han is currently the Chief Financial Officer of Qinghai Huading Industrial Company Limited. Mr. Han holds a Masters of Business Administration degree from Renmin University of China. Mr. Lian Wang has held a number of senior positions in internationally renowned investment banks and securities companies over the past 10 years. These include Morgan Stanley Asia Limited, J.P. Morgan Securities (Asia Pacific) Limited, Deutsche Bank AG Hong Kong Branch and BOC International Holdings Limited. Mr. Wang holds a PhD in Statistics from Carnegie Mellon University and a Bachelor of Science in Mathematics from the Beijing University.
About Mountain China Resorts
Mountain China Resorts is the premier developer of four season destination ski resorts in China. Mountain China Resorts is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009 the Company's Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, and actual results may vary from the forward-looking information. Implicit in this information are assumptions regarding future operations, plans, expectations, anticipations, estimates and intentions, such as the plans to develop the ski resorts in China. These assumptions, although considered reasonable by Mountain China Resorts at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of Mountain China Resorts are subject to a number of risks and uncertainties, including general economic, market and business conditions, uncertainty relating to land use rights, adverse industry events for the ski and real estate industries, Mountain China Resorts' ability to make and integrate acquisitions or obtain additional financing, the requirements of recent Chinese regulations relating to cross-border mergers and acquisitions, the inability to obtain required approvals or approvals may be subject to conditions that are unacceptable to the parties, changing industry and government regulation, as well as Mountain China Resorts' ability to implement its business strategies, and to raise sufficient capital, seasonality, weather conditions, competition, currency fluctuations and other risks, and could differ materially from what is currently expected as set out above.
Forward-looking information contained in this press release is based on current estimates, expectations and projections, which MCR believes are reasonable as of the date of this press release. Mountain China Resorts uses forward-looking statements because it believes such statements provide useful information with respect to the operation and financial performance of Mountain China Resorts, and cautions readers that the information may not be appropriate for other purposes. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Mountain China Resorts may elect to, it does not undertake to update this information at any particular time.
SOURCE MELCO CHINA RESORTS (HOLDING) LIMITED
For further information: For further information: Mountain China Resorts, Graham Kwan, Tel: (778) 668-4212; Kevin O'Connor, Tel: (416) 962-3300, Email: email@example.com