Shanghai Century Acquisition Corporation Announces Extraordinary General Meeting of Shareholders for Appointment of Voluntary Li

  
    
  
  
    
      Shanghai Century Acquisition Corporation (AMEX: SHA) Shanghai Century 
      announced that its Board of Directors will convene a General 
      Extraordinary Meeting of the Shareholders on July 8, 2008, to consider 
      and approve a 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.
    
    
      On May 28, 2008, the Shanghai Century Board of Directors filed a Notice 
      of Dissolution and a Declaration of Solvency with the Cayman Islands’ 
      Registrar of Companies, in addition to publishing in the Cayman Islands’ 
      Gazette, a notice to all possible creditors of the Company’s 
      voluntary winding-up and distribution of assets. The Liquidators will 
      undertake their own independent assessment of the Company’s 
      creditors and evaluation of claims.
    
    
      The Board considers it advisable for an independent liquidator to be 
      appointed, which under Cayman Islands’ law 
      requires shareholder approval. 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.
    
    
      The Liquidators’ responsibilities will 
      include, but are not limited to, settling any outstanding creditor 
      claims and making a pro rata distribution to the holders of securities 
      issued in the Company’s April 28, 2006 initial 
      public offering (the “IPO”), 
      from the trust account (the “Trust Account”) 
      into which the net proceeds of the IPO 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 IPO 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 IPO.
    
    
      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.