Liuyang Fireworks Announces New Director and Options Grant

TORONTO, July 22, 2011 /CNW/ -- 
TORONTO, July 22, 2011 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK) (the "Company"), a leading China-based manufacturer of
 consumer fireworks. The Company is pleased to announce that at the
 annual general meeting of shareholders of the Company held on June 17,
 2011 (the "Meeting"), disinterested shareholders of the Company
 approved (the "Shareholder Approval") of an amended and restated stock
 option plan (the "Plan") as well as the cancellation of certain
 incentive stock options exercisable at $0.60 per share expiring on June
 24, 2014 and re-issuance of such incentive stock options at an exercise
 price of $0.25 per share expiring on June 24, 2014. The Company will
 also like to welcome Mr. Robert Wilson to the board of directors as
 elected as an independent director at the annual general meeting of the
 shareholders of the Company, along with Mingyue Hu, Miao Hu, Peng Peng,
 David Lake, and John Nelson. Mr. Wilson replaces former director, Mr.
 Richard Helbig, who remains engaged as an advisor to the Company on a
 consulting basis. Mr. Wilson is the current Executive Vice President of
 Asia Bio-Chem Group Corp. and has extensive experience in the capital
 markets. Mr. Wilson was Managing Director of Research Capital
 Corporation from April 2004 to January 2008. He was an independent
 consultant from the period of November 2001 through April 2004,
 providing consulting services to executives of public companies in
 relation to the making of and divestiture of investments. Mr. Wilson
 was Vice President of BMO Nesbitt Burns from May 1998 to November 2001.


Pursuant to the Plan and Shareholder Approval, the Company now wishes to
 announce that it has effective July 18, 2011 subject to approval of the
 TSX Venture Exchange, cancelled a total of 4,880,049 outstanding
 incentive stock options granted on June 24, 2009 at an exercise price
 of $0.60 expiring on June 24, 2014, re-issued 1,944,634 such incentive
 stock options at an exercise price of $0.25 expiring on June 24, 2014,
 and issued 2,000,000 incentive stock options having an exercise price
 of $0.20 expiring on July 18, 2016 together with a further 1,700,000
 incentive stock options having an exercise price of $0.25 expiring on
 July 18, 2016 to directors, officers and consultants of the Company.


About Liuyang Fireworks Limited


Liuyang Fireworks Limited is a leading China-based manufacturer of
 consumer fireworks that are distributed domestically and in more than
 15 countries in North America, South America and Europe. The Company
 has more than 17 years of experience in the fireworks industry and is a
 supplier to the world's top five fireworks wholesalers and retailers.
 Liuyang's ISO9001-certified manufacturing facilities are located in the
 Liuyang area of Hunan, China where more than half of the world's
 fireworks are produced.


The forward-looking information contained in this news release
 represents the expectations of the Company as of the date of this news
 release and, accordingly, is subject to change after such date. Readers
 should not place undue importance on forward-looking information and
 should not rely upon this information as of any other date. While the
 Company may elect to, it does not undertake to update this information
 at any particular time except as required in accordance with applicable
 securities legislation.


Neither TSX Venture Exchange nor its Regulation Services Provider (as
 that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release. 


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p Jacky Longbr/ Chief Financial Officerbr/ Liuyang Fireworks Limitedbr/ Tel : [phone] ext 206br/ a href="mailto:[e-mail]"[e-mail]/a /p 

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