Dragon Venture Subsidiary, Cnnest, Signs Partnership Agreement with Tencent Holdings Limited to Offer Wireless Value-Added Service for China Mobile

Business Wire, June 14, 2005

FORT LAUDERDALE, Fla. -- Dragon Venture (Pink Sheets: DRGV), a holding company of high-tech companies in China, reports today that Shanghai Cnnest Technology Development Company, Limited ("Cnnest", http://www.cnnest.com), a subsidiary of DRGV, recently signed a partnership agreement with Tencent Holdings Limited ("Tencent"). Tencent, a member of the Hong Kong Stock Exchange (stock symbol: 700), is a leading provider of Internet and mobile value-added services in China. The agreement outlines the services which include Wireless value-added services for China Mobile (NYSE: CHL), which boasts the world's largest unified, contiguous all-digital mobile network and the world's largest mobile subscriber base.

Under the terms of the agreement, Cnnest will coordinate with Tencent to provide Cnnest "Mobile Real Estate" to China Mobile's subscribers and Tencent's QQ customers. "Mobile Real Estate" is a primary component of the "Cnnest Model", which provides cutting-edge technology for applications involved in the buying and selling of real estate. China Mobile will provide Cnnest "Mobile Real Estate" as a service to its subscribers. The "Cnnest Model" will certainly initiate a new wave in the industry of real estate listings and transactions.

In addition, Cnnest recently signed an agreement with Tencent for their comprehensive cooperation in the fields of mobile Internet applications and business solutions such as BREW, KJAVA, WAP, and SMS.

Hidy Cheng, Vice President of Dragon Venture and General Manager of Cnnest, commented, "The partnerships will provide us a great opportunity to turn our research and development into a commercial success. It is absolutely another milestone in our company's history. Tencent offers a level of credibility as one of the first Internet Instant Messaging (IM) software developers in China, and a leading provider for Internet and mobile value-added services with a focus on IM and related value-added services. China Mobile is the leading mobile services provider in Mainland China. In 2004, the Company was once again selected as one of 'The World's 400 A-List Companies' by the internationally renowned business magazine Forbes and is the only Chinese company inducted into this A-List for three consecutive years. China Mobile's corporate credit rating was upgraded to BBB (equivalent to China's sovereign rating) by Standard and Poor's and A3 by Moody's in 2004. We believe Cnnest is going to be a leading firm in the field of mobile Internet solutions based on 3G technologies."

About Dragon Venture

Dragon Venture ("Dragon") is a holding company of high-tech companies in China. Dragon was established to serve as a conduit between Chinese high-growth companies and Western investors. The current focus of Dragon is on the development of wireless 3G-based applications and business solutions. Two companies that Dragon has acquired are among the leading providers of mobile Internet applications and business solutions in China. As China emerges as a growing force on the global stage, Dragon's professionals will provide invaluable services for Western investors seeking to gain access to the Chinese high-tech economy. In addition, Dragon functions as an incubator of high-tech companies in China, offering support in the critical functions of general business consulting, formation of joint ventures, access of capital, merger & acquisition, business valuation, and revenue growth strategies. Dragon will develop a portfolio of high-tech companies operating in China. Our focus will be on innovative technological applications, which are poised to alter the competitive landscape of the industry. For more information about Dragon Venture, please visit http://www.dragonventure.net

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements". Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets.