BEIJING, CHINA--(Marketwired - Oct. 4, 2013) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), announces that it would like to clarify the date in which the Company was awarded an arbitration decision from the China International Economic and Trade Arbitration Commission with respect to the Beijing Lianhua Mountain Skiing Field. The date should have read August 2013.
Beijing Lianhua Mountain Skiing Field
In August 2013 the Company was awarded an arbitration decision from the China International Economic and Trade Arbitration Commission ("CIETAC") in Beijing on the dispute over the sale of shares in Beijing Lianhua Mountain Skiing Field Co., Ltd. ("Beijing Lianhua"), which decision orders, among other things, that 100% of the shares in Beijing Lianhua be transferred back to the Company. The Company is in the process of instructing its Chinese law firm to work on the transfer of the ownership of Beijing Lianhua back to the Company.
All other information contained in the News Release is correct and remains the same.
MCR is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company's Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.
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