Dragon Venture Announces that its Subsidiary has Signed an Agreement Partnering with China Unicom to Develop and Market 2.5G Wireless Value Add-ons and Services

Business Wire, May 24, 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, has recently signed an agreement partnering with China Unicom, Limited (NYSE: CHU), one of the world's largest wireless operators, to develop and market 2G and 2.5G wireless value add-ons and services.

Under the agreement, China Unicom will promote and provide its subscribers Cnnest "Mobile Real Estate" for real estate listings and transactions. "Mobile Real Estate" is the key technology of the "Cnnest Model", which provides cutting-edge 2G and 2.5G technology for companies or people involved in the buying and selling of real estate. In addition to the fields of real estate, the application for telecommunication and financial banking to date has proven to have a high level of operational convenience, as well as delivering reliable information. The "Cnnest Model" will certainly initiate a new tide in the industry of real estate listings and transactions.

Engineers at China Unicom have tested and approved Cnnest platform of mobile real estate on its mobile infrastructure. As a result, China Unicom has included Cnnest "Mobile Real Estate" in its services offered to its subscribers.

Hidy Cheng, Vice President of Dragon Venture and General Manager of Cnnest, commented, "We are very excited with this partnership and we believe this partnership is a milestone in our company history. We want to turn our research and development into a commercial success. China Unicom is the world's 2nd largest CDMA operator and the 3rd largest GSM operator. It has more than 300 subsidiaries across China and over 120 million subscribers for its wireless services in China. This partnership would position us as a leading firm in the field of mobile Internet solutions based on 3G technologies."

About Dragon Venture

Dragon Venture ("Dragon") is doing business in China through its subsidiaries. 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

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