China Premium Lifestyle Signs Letter of Intent to Acquire Alfa Romeo Distributorship for Hong Kong and Macau

Business Wire, March 29, 2007

HONG KONG -- China Premium Lifestyle Enterprise, Inc. ("China Premium") (OTCBB:CPMM) today announced it has entered into a letter of intent with Wo Kee Hong Group to acquire the exclusive distribution rights for Alfa Romeo motor vehicles for Hong Kong and Macau.

Wo Kee Hong Group had recently been awarded the exclusive distributorship by Alfa Romeo, Turin, Italy, primarily as a result of the excellent reputation established by the Group from its long standing relationships as an importer and distributor for both Ferrari SpA and Maserati SpA.

In announcing this initiative, Richard Lee, Chairman of China Premium commented, "When, as a group, we were approached by Alfa Romeo's management to take up this role, we saw an excellent opportunity to complement our exclusive Ferrari and Maserati franchises with another icon of Italy's motoring heritage. Alfa Romeo is one of the original manufacturers of performance oriented, classic Italian sports cars. A subsidiary of Fiat Auto SpA, Italy's automotive manufacturing giant, Alfa Romeo has been completely rejuvenated in recent years, with a fresh image and a range of tremendously exciting new models which are of the highest standards ever produced by the company and priced to appeal to a large segment of potential buyers of sporty European automobiles that is rapidly emerging in greater China."

Mr. Lee concluded, "The Alfa Romeo range fits perfectly with our strategy to capitalize on the market for mid-priced sports cars, while maintaining our image as a purveyor of exotic high end motor vehicles. In Hong Kong, our state-of-the-art Alfa Romeo dealership and service center was commissioned in February and inaugurated by Alfa Romeo's CEO, and sales of the new models, particularly the 'Brera' two-door coupe and '159' sedan and station wagon have been encouraging. We are excited about the prospects for Alfa Romeo both in Hong Kong and, ultimately, China."

China Premium Livestyle Enterprise, Inc., through its 49%-owned entity, has established itself as a leading Ferrari and Maserati importer/distributor and dealer in Hong Kong and China, respectively, having been affiliated with Ferrari and Maserati since 1992 and 1994 respectively. The company is expanding its offerings to include other luxury goods from around the world, which it markets to its already established base of wealthy Chinese individuals.

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