PanAgra International Corporation Announces Name Change to MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED And Other Action Taken at Its Annual Meeting of Shareholders

    NEW YORK, Aug. 2 PanAgra International Corporation
(OTC Bulletin Board: PNGR) today held its annual meeting of shareholders. At
the meeting, the shareholders of the company approved an amendment to the
company's certificate of incorporation that changes the name of the company to
"MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED." The shareholders also elected
the following six people as directors of the company: Li Chuquan, Ronald C. H.
Lui, Elie Saltoun, Chan Kuen Kwong, Fang Wen Ge, and Zhuo Wen-Zhi. In
addition, the shareholders approved amendments to the company's certificate of
incorporation that (i) increase the number of authorized shares of common
stock from 40,000,000 to 200,000,000 and (ii) permit shareholders to vote by
written consent in lieu of a meeting.
    Minghua Group International Holdings Limited (formerly PanAgra
International Corporation) indirectly owns an 85% equity interest in Shenzhen
Minghua Environmental Protection Vehicles Co., Ltd, a corporation existing
under the laws of the Peoples Republic of China (the "Environmental Vehicle
Company"). The Environmental Vehicle Company is the owner of patented
technology relating to hybrid vehicles powered by a combination of a
combustion diesel engine and an electric power system (the "Minghua Hybrid
Vehicle"). The Environmental Vehicle Company is initially focusing its efforts
on the Chinese public transportation sector. Minghua Hybrid Vehicles consist
of four models (coaches and minibuses) that can be used in this sector.
    The Environmental Vehicle Company believes that the Minghua Hybrid Vehicle
differs from other environmentally protective vehicles offered in the Chinese
market for the following reasons: (a) the Minghua Hybrid Vehicle offers an
automatic switch which allows the vehicle to select the optimal type of energy
(diesel or electric) for different types of travel, (b) the Minghua Hybrid
Vehicle operates with a parallel composite power system (i.e., the diesel
engine and the electric power system can be used alternatively and
independently, depending on the given conditions), (c) the Minghua Hybrid
Vehicle achieves a "zero-emission" level while operating on its battery, (d)
the battery used by the Minghua Hybrid Vehicle recharges when the vehicle is
running on diesel fuel, (e) the Minghua Hybrid Vehicle complies with
European II Discharge Standards. Management believes that the Minghua Hybrid
Vehicle is the first of its kind in China and may become a leading technology
on a global scale.

    Statements included in this press release, which are not historical in
nature, including, without limitation, statements regarding (i) the viability
of the Environmental Vehicle Company's patent and its ability to exploit such
patent and (ii) the ability of the Environmental Vehicle Company to enter into
binding agreements for the sale of its vehicles, are forward-looking
statements made pursuant to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements regarding
the company's future business prospects, plans, objectives, expectations and
intentions are subject to certain risks, uncertainties and other factors that
could cause actual results to differ materially from those projected or
suggested in the forward-looking statements, including the inability of
Minghua Group International Holdings Limited to raise additional capital and
the emergence of additional competing technologies. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy the
securities nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualifications under the securities laws of any such state.

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