China Premium Lifestyle Says It is Not Delinquent In Filings

HONG KONG--China Premium Lifestyle Enterprise, Inc. (OTCBB:CPMM) today said that the company is not delinquent in its SEC filings, although databases in the US are indicating that the company is trading under the symbol CPMME, which normally indicates delinquency in filings.

The company filed an 8K with the SEC on December 21, 2006 that indicated that the fiscal year would change to December 31 from the previous June 30. Since December 31 is the fiscal year-end, the form 10-K for that period is not due until March 31, 2007. As a result, it is believed that certain systems have not updated themselves and the company’s symbol has been incorrectly changed. The company is taking all steps necessary to rectify the situation and assures shareholders that it is in full compliance with all SEC filings.

China Premium Lifestyle Enterprise, through its 49%-owned entity, has established itself as a leading Ferrari and Maserati distributor and dealer in Hong Kong and China, respectively, having been affiliated with Ferrari and Maserati since 1992 and 1994 respectively. The company is expanding its offerings to include other luxury goods from around the world, which it markets to its already established base of wealthy Chinese individuals.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this release that are not purely historical are forward-looking statements, beliefs, plans, expectations or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Investors should independently investigate and fully understand all risks before making investment decisions.