Phoenician IV - Issue of Equity

In consideration for the transfer to Phoenician of the legal and beneficial ownership in the 1,666,666 shares owned by Newhaven GMBH in King Tech International Ltd ("King Tech"), the board of Phoenician announces today that it has agreed to allot 2,714,359 Class A shares of $0.005 to Mr Edwin Lee, a director of Phoenician and 2,714,358 Class A shares of $0.005 to Newhaven Holdings International Limited, based on Phoenician's last share issue price of $0.05. Mr. Lee is also an independent, non-executive director of King Tech.

Following the above allotments to Mr. Lee and Newhaven Holdings International Limited, the Company will have 101,611,835 Class A shares in issue. Mr. Lee will hold 2.67% of the Class A issued share capital and Newhaven Holdings International will hold 4.45% of the Class A issued share capital (aggregated with its existing holding) on a non-diluted basis. The Class A shares so allotted will rank pari passu from the date of allotment with the existing Class A shares in issue.

The Class A shares to be allotted to Newhaven Holdings International Limited and Edwin Lee will be subject to the Lock In Agreements which they each entered into at the time of the Company's admission to PLUS.
Completion of the allotments is expected to take place before the end of the May 2009 when a further announcement will be made.

The Class A shares to be allotted will be in registered form and no temporary documents of title or share certificates will be issued. The Class A shares will not themselves be admitted to CREST; rather the Company has arranged for Computershare Investor Services PLC ("issuer") to issue Depository Interests in respect of the underlying Class A shares (the "Depository Interests"). These Depository Interests may be held and transferred within CREST.

Application will be made for the new Class A shares to be admitted to PLUS.

The Directors of Phoencian Corporation IV Ltd accept responsibility for this announcement.

For further information please contact:

Corporate Adviser:
City & Westminster Corporate Finance LLP
Gerard Thompson & John May
2nd Floor, Stanmore House
29-30 St.James's Street
London
SW1A 1HB
Telephone: 0044 20766 0080

Phoenician Corporation IV Ltd.
Jason R. Futko
The Fairmont Building
Sheikh Zayed Road
PO Box 24459
Dubai
United Arab Emirates
Telephone: 00971 4312 4393