China Marine Food Group Ltd. Secures Tax Holiday for a Term of Three Years

SHISHI, China, Oct. 15 /PRNewswire-Asia-FirstCall/ — China Marine Food
Group Ltd. (NYSE Amex: CMFO), a processor of seafood-based snack foods and
distributor of fresh and frozen marine catch, today announced it has been
recognized as a “New and High Technology Enterprise” in the Fujian province
and will also qualify for a three year tax benefit through 2012.

China Marine has recently received a notice of recognition as an
enterprise of new and high technology, which was jointly issued by The Science
and Technology Department of Fujian, The Finance Department of Fujian, The
State Tax Bureau of Fujian and The Local Taxation Bureau of Fujian for a
company engaged in advanced food processing technologies for the Fujian
Province. From 2007 through 2009, the Company was provided a 50% tax
reduction on the standard 25% China’s Enterprise Income tax rate. Beginning
in 2008, “new and high technology” companies in China were awarded a flat 15%
tax rate for their efforts in promoting technological advancements in their
fields of expertise and commercialization in China. The recognition of the
status was only awarded after application to the local authorities and tax
bureaus. As a new and high technology company, China Marine qualifies for a
reduced tax rate of 15% on the Company’s income through 2012.

About China Marine

China Marine Food Group Ltd. processes and distributes seafood-based snack
foods, and fresh and frozen marine catch to seven provinces in the PRC.
Founded in 1994, China Marine has grown steadily and positioned its
“Mingxiang(R)” brand as a category leader in 2,200 retail sales points in the
PRC. The Company has received “The Famous Brand” and “Green Food” awards.
Located in the Fujian province, it is one of the largest coastal provinces in
the PRC and a vital navigation hub between the East China Sea and the South
China Sea. The Company is committed to the highest standard of quality
control with the ISO9001, ISO14001, HACCP certification and EU export
registration.

    For more information, please contact:

    COMPANY
     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Kowloon, HONG KONG
     Tel:   +852-2111-8768
     Email: marco.ku@china-marine.cn
     Web:   http://www.china-marine.cn

    INVESTOR RELATIONS
     John Mattio, SVP
     HC International, Inc.
     56 June Road, North Salem NY
     Tel:   +1-914-669-5340 (U.S.)
     Email: john.mattio@hcinternational.net
     Web:   http://www.hcinternational.net

SOURCE China Marine Food Group Ltd.