Pacrim International Capital Inc. reports Wah Sang Paper Products to apply for initial public offering in China

("Pacrim") previously announced it had acquired 46% of the outstanding common
shares of Pacrim International Capital Holdings Inc., a holding company with
business interests in the People's Republic of China consisting of an indirect
controlling interest in Wah Sang Paper Products (Shenzhen) Co. Ltd. ("Wah
Sang"), a corrugated packaging company.
    Pacrim now reports that Wah Sang is commencing the process of applying
for an initial public offering ("IPO") in the People's Republic of China and
an A-share listing on the Growth Enterprise Market of the Shenzhen Stock
Exchange. In that regard the sponsoring underwriter for the proposed IPO will
commence on August 28, 2009 the intensive guidance workshop phase of the
required guidance period, working with the senior management of Wah Sang to
ensure Wah Sang's operations and corporate governance comply with relevant
Chinese laws and listing requirements. The guidance period is anticipated to
be completed in October, 2009. The commitment of the sponsor to the guidance
period is a major step in the listing process. Following the guidance period,
it is intended that Wah Sang apply to the China Securities Regulatory
Commission ("CSRC") to seek the approval of the listing committee of the CSRC
for the IPO.
    There can be no assurance that the approval of the CSRC necessary for the
IPO and listing will be obtained or that if obtained an initial public
offering will be successfully completed.
    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 18,000 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 Schedule "A" to Pacrim's Business Acquisition Report
of January 28, 2009.

    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, the "Risk Factors" section of Schedule "A" to our Business
Acquisition Report of January 28, 2009 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

    %SEDAR: 00003175E

For further information:

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

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