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Sino Express Travel Announces New Property Development in Dayun Mountain National Forest Park, China

Posted on: Tuesday, 12 August 2008, 06:01 CDT

Sino Express Travel Limited (OTC:SXPT) announced that it has signed a Memorandum of Understanding to lease the Dayun Mountain National Forest Park in Yueyang, Hunan Province, China for fifty years. The terms of the 50-year lease include a leasing cost of CNY20 million (USD2.9 million), payable in restricted SXPT shares and cash, and an investment of CNY50 million (USD7.3 million) for the maintenance of temples, and the construction of resort hotel, commercial plaza, tourist attractions and facilities. Sino would be in charge of the management and publicity of the Park and its facilities, generating revenues from entrance fees to the Park, sale of temple offerings, hotel and other tourist services.

The Dayun Mountain National Forest Park, located north of Hunan Province covering a total area of 1180.6 hectares, is a well-known tourist destination in China for its stunning natural scenic views of mountains, lakes, rich forest and hot spring. The heavenly landscape is also home to many famous religious and cultural sites. There is a steady stream of worshippers visiting the six ancient temples in the Park for all kinds of festivities throughout the year. The average number of visitors to the Park is about 100,000 per year due to the lack of facilities. The local government believes this number can be increased dramatically with more investments to repair and preserve the ancient architecture of the temples, and to add hotels, tourist facilities and other services. Sino believes this location is a prime tourism destination that hasn't been fully developed and it has the opportunity to capture the initial stages of tourism boom to a famous national park in China.

About Sino Express Travel Limited

Sino Express Travel Limited (www.sinoexpresstravel.com) is an investor and developer of scenic spots and tourist destinations in China. Sino intends to grow its business by acquiring and operating a diversified portfolio of resort hotels and tourist attractions. It plans to search for good value targets at suitable locations in China with high potential for further development in the areas of scenic, cultural and historical extensions.

Forward looking statement

Certain information contained in these materials is "forward-looking" information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information.

Source: Business Wire

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