Shanghai Century Acquisition Corporation Announces It Will Not Be Filing Form 20-F for the Year Ended December 31, 2007

  
    
  
  
    
      Shanghai Century Acquisition Corporation (AMEX: SHA) At the Company’s 
      July 8, 2008 General Extraordinary Meeting of the Shareholders, Cosimo 
      Borrelli and Jacqueline Walsh, both of Borrelli Walsh Limited, were 
      appointed to serve as liquidators of the Company. The liquidators’ 
      responsibilities include the 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. As of May 
      31, 2008, approximately US$114,500,000 was held in the Trust Account and 
      invested in money market funds.
    
    
      The Company’s annual report on Form 20-F for 
      the year ended December 31, 2007 was initially due on June 30, 2008. The 
      filing of Form 20-F is a requirement for the Company’s 
      continued listing on the American Stock Exchange ("AMEX"). The Company 
      has today received a notice from AMEX regarding this delinquent filing 
      and that it is not in compliance with sections 134 and 1101 of the AMEX 
      Company Guide. The liquidators have determined that a Form 20-F for the 
      year ended December 31, 2007 will not be filed for the following 
      reasons: the Company is in the process of liquidation and additional 
      expenses should be minimized to allow for a larger distribution to 
      shareholders and the Company’s major asset as 
      of December 31, 2007 was the Trust Account and information with respect 
      thereto has been given to shareholders.
    
    
      Shanghai Century Acquisition Corporation was formed for the purpose of 
      acquiring an operating business. In April 2006 the Company raised US$115 
      million in its IPO of which approximately $110 million was deposited 
      into the Trust Account. Since the Company’s 
      proposed acquisition was not approved by its shareholders, the Company 
      is required to liquidate and dissolve in accordance with its charter and 
      applicable law.