Shanghai Century Acquisition Corporation Announces Results of Extraordinary General Meeting of Shareholders for Appointment of L

  
    
  
  
    
      Shanghai Century Acquisition Corporation (AMEX: SHA) announced that the 
      proposal to appoint Cosimo Borrelli and Jacqueline Walsh, both of 
      Borrelli Walsh Limited, to act jointly and severally as liquidators of 
      the Company in relation to the Company’s 
      voluntary liquidation was approved by the shareholders of Shanghai 
      Century at its General and Extraordinary Meeting held on July 8, 2008.
    
    
      The Liquidators’ responsibilities include, but 
      are not limited to, undertaking an independent assessment, evaluation 
      and settlement of the Company’s creditors; and 
      making pro rata distributions to the holders of securities from the 
      trust account (the “Trust Account”) 
      of the Company into which the net proceeds of the Company’s 
      initial public offering were deposited (plus (i) one-half of the 
      interest earned on the Trust Account and (ii) any remaining net assets). 
      The per share distribution amount will not be determined until after the 
      Liquidators have evaluated and paid the creditors’ 
      claims and may be less than the initial public offering price of US$8.00 
      per unit, assuming the entire amount of the Trust Account is available 
      for distribution. No payments will be made in respect of the outstanding 
      warrants (which have expired worthless) or to any of its initial 
      shareholders with respect to the shares owned by them prior to the 
      initial public offering.
    
    
      Cosimo Borrelli is a chartered accountant with over 20 years of 
      experience in formal and informal corporate restructuring, insolvency, 
      forensic accounting and financial investigations. Jacqueline Walsh is a 
      qualified lawyer in Hong Kong and the United States with over 14 years 
      of experience in formal and informal corporate restructuring, 
      insolvency, court and private receiverships and financial investigations.
    
    
      Shanghai Century Acquisition Corporation was formed for the purpose of 
      acquiring, through a share exchange, asset acquisition or other similar 
      business combination, or control through contractual arrangements, an 
      operating business having its primary operations in China. In April 2006 
      the Company raised US$115 million through an initial public offering on 
      the American Stock Exchange. Shanghai Century Acquisition Corporation’s 
      principal offices are in Hong Kong.