PHOENICIAN III ANNOUNCES RESULTS OF EGM

At  the  Extraordinary  General Meeting of the Company on 12 December 2007, the resolution to approve the  reverse takeover of King Tech Group Limited was duly passed, and therefore in accordance  with the circular to shareholders dated 20 November 2007, 41,666,666 shares will be allotted and issued to David Lee.

The circular, amended in accordance with  the  rules  of  the PLUS Market, now contains  the  audited  interim  accounts  of  King  Tech Group Limited  to  30 September 2007.

Following the passing of the resolution, each of Gerard M.  Thompson, John J. May, Nicholas C. Wilson and Alan Lau resigned as directors of the Company and each of David  Lee, Leo Lee, Alan Hung and Liu Ying were appointed as directors of the Company.

Pursuant to the above David Lee (now a director of the Company) owns 41,666,666 shares being 82.14 % of the Company.

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