PACRIM INTERNATIONAL CAPITAL INC. ANNOUNCES THE 15 MONTH PERIOD END RESULTS
FOR FISCAL 2010

HONG KONG, Dec. 29 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN: TSX) (the "Company"), is pleased to report the Company's results for the 15 month period ended September 30, 2010.

FOR THE 15 MONTH PERIOD ENDED SEPTEMBER 30, 2010:

- FINANCIAL HIGHLIGHTS

			September 30, 2010 $	June 30, 2009 $
Revenue			170,397	967,854
Income/(Loss) from Operations			(520,741)	227,296
Equity Income from PICH			1,068,000	1,787,000*
Net Income/(Loss)			363,228	(456,273)
Funds used in Operations			(3,511,731)	(2,816,994)
Total Assets			46,638,879	54,386,131
Real Estate Facilities			13,252,937	12,616,541
Long-lived Assets Held for Sale			-	2,228,481
Mortgages			7,057,103	5,384,066
* since acquisition from November 14, 2008 to June 30, 2009
Per Common Share
Net Income/(Loss)			0.01	(0.01)

- REVIEW OF OPERATIONS

A breakdown of the Company's revenue for the 15 month period ended September 30, 2010 compared to the year ended June 30, 2009 is as follows:

	September 30, 2010 $	June 30, 2009 $
Rental properties	117,084	193,215
Interest	53,313	774,639
Total	170,397	967,854

Revenue decreased by $797,457 from 2009 to 2010.

Real Estate Facilities
Revenue from rental properties decreased by $76,131 from $193,215 in 2009 to $117,084 this year mainly due to expiration of most of the rental leases with no renewal. Revenue was mainly generated from Greenland Garden.

Interest
Interest income reduced by $721,326 from $774,639 to $53,313 this year mainly due to retirement of various related party loans.

Income from Operations

	September 30, 2010 $	June 30, 2009 $
Rental properties	(574,054)	(547,343)
Interest	53,313	774,639
Total	(520,741)	227,296

Rental properties - Loss increased by $26,711 from a loss of $547,343 in 2009 to a loss of $574,054 in 2010.  Rental revenue decreased by $76,131 and total expenses decreased by $49,420.

Interest - Income decreased by $721,326 mainly due to retirement of various related party loans in the second quarter of 2009.

Equity income from PICH:

During the second quarter of fiscal 2009, the Company completed the process to retire various related party loans by the transfer of 46% of the shares of Pacrim International Capital Holdings Inc. ("PICH") to the Company. The consideration for the equity investment in PICH is determined by reference to the fair values of the assets and liabilities of PICH at the date of acquisition, November 14, 2008. The Company's equity income from PICH for the 15 month period ended September 30, 2010 is $1,068,000.

PICH holds 75.07% interest in Wah Sang, a corrugated packaging company. The corrugated packaging operations of Wah Sang are located in Shenzhen, in the Pearl River Delta of southern China which houses one of the world's largest concentrations of manufacturing of consumer electronics, office and telecommunication equipment.  Wah Sang sells its high-end packaging products almost exclusively to multinational corporations which export from China.  Wah Sang has annual production capacity of 63,000 tonnes of containerboard, 50,000 tonnes of flexo containers and 20,000 tonnes of off-set colour containers.  The bulk of the containerboard produced is used internally for further processing into flexo containers or off-set colour containers.  A detailed description of Wah Sang is contained in the Company's Annual Information Form. 

Net Income

Net income for this fiscal year increased by $819,501 to an income of $363,228 when compared to a loss of $456,273 in last fiscal year.

Total Assets

The Company had total assets of $46,638,879 at September 30, 2010, which consisted of cash and cash equivalents of $229,101. As at September 30, 2010, the Company's short-term liabilities exceeded its short term assets by approximately $10.9 million. In recognition of the circumstances, the Company is in the process of negotiating extended payment terms for its short-term liabilities and is also pursuing other financing alternatives to fund the Company's operation. Reference is made to the "Liquidity and Capital Resources" section of the Management's Discussion and Analysis for the 15 month period ended September 30, 2010.

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 transit 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 15 month period 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.

About Pacrim International Capital Inc.

The Company is an investment holding company with its investments focused to date mostly in the southern part of the People's Republic of China ("China").  The Company's business includes participation in the corrugated paper products and packaging industry in the Pearl River Delta area of southern China, the heart of the "World's Factory".  An intended strategy of the Company is to acquire selected small or medium size enterprises in China and to merge them for better operational efficiency. The Company also intends to enter the diabetes treatment field in China and the assisted living residence business (including diabetes clinics) in the United States.  The Company's head office is in Hong Kong with offices in Shenzhen, Guangzhou and Beijing.  The Company had previously held a portfolio of commercial real estate assets and hotels in Canada.

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.  Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend" or "continue" or the negative thereof or similar variations.  Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements.  Factors that could cause results to vary include, but are not limited to: risks associated with China including state ownership, government sector intervention, foreign investment, repatriation of profit and currency conversion, tax, the developing legal system, protection of intellectual property rights, shareholder rights and enforcement of judgments, permits and business licenses, appropriation, political stability considerations, the central planned economy, fluctuations in foreign exchange rates and Chinese accounting and auditing standards; risks in business and operations including risks associated with expansion, future capital requirements, dependence on key personnel, environmental regulation, competition, risk in purchasing abroad, risk of change in the price of raw materials, product price volatility, insurance and operating plant risk; customer risk including risk of a single market and risk depending on major customers; technical risk including risk in the advance of technology and risk of relying on technology abroad; financial risk including foreign exchange risk, credit risk, liquidity risk, cash flow and fair value interest rate risk; investment strategy risk; and short term management transition risk.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Risk Factors" section of Pacrim's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis, and our other periodic filings with Canadian securities regulatory authorities.  All forward-looking statements presented herein should be considered in conjunction with such filings.  Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time-to-time by us or on our behalf; such statements speak only as of the date made.

For further information:

Guy Lam
Chief Executive Officer
Pacrim International Capital Inc.
Tel. [phone]