Pearl River Announces Grant of Stock Options

Mr. George Lunick, CEO of Pearl River Holdings Ltd. (“

Pearl River

”) (TSXV: PRH) announced today that, subject to regulatory approval, it has granted a total of 1,320,000 options to purchase common shares of Pearl River to directors, officers and employees of Pearl River and its subsidiaries, with an exercise price of $0.285 and an expiry date of December 16, 2024.

Exemption From MI 61-101 And TSXV Policy 5.9 Of the 1,320,000 options that were granted, 500,000 options were granted to a director and officer of Pearl River (George Lunick, President, Chief Executive Officer and director of Pearl River). Pearl River relied on section 5.5(b) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in ‎Special Transactions ‎‎(“MI 61-‎‎101”)‎ as the exemption from the formal ‎valuation ‎requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 in respect of the option grant as the common shares of Pearl River are not listed on a ‎specified market (and the ‎Common Shares are only listed on the TSX Venture Exchange). Pearl River relied on section ‎‎5.7(a) of MI 61-101 as the exemption from the minority approval ‎requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 in respect of the option grant ‎as neither the fair ‎market value of the subject matter of, nor the fair market value ‎of the consideration for, the options granted to such director and officer exceeded 25% of Pearl River’s ‎market capitalization.‎‎

A written resolution of all of the directors of Pearl River approved the option grant. No special committee was ‎established in connection with option grant, and no materially contrary view or ‎abstention was expressed or made by any director in relation to the option grant.

The material change report to be filed in relation to the option grant will not be filed at least 21 days prior to the issuance of the option as ‎contemplated by MI 61-101. Pearl River believes that this shorter period is reasonable and ‎necessary in the circumstances as the completion of the option grant occurred shortly before the issuance of this the news release.‎

About Pearl River

Through its subsidiaries, the principal business of Pearl River is the manufacturing and distribution of plastic products in China, Australia and the United States of America.

For further information please contact:

George LunickCEOT: [phone]E: [e-mail]

Neither the 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.