MCG Mountain China Resorts Holding Ltd

Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the
"Company"), announced today that the filing of its annual financial statements,
management's discussion and analysis, and the related officer certifications for
the financial year ended December 31, 2012 (collectively, the "Annual Filings")
has been delayed beyond the filing deadline of April 30, 2013. The Company's
auditors have advised that they will not be able to complete their audit by the
filing deadline as the auditors are still determining the status of Company's
default of the bank loan with China Construction Bank. Additionally, the Company
is still awaiting results from its recently engaged independent Chartered
Business Valuator as recommended by the Auditors. The Company intends to
co-operate with the auditors to resolve any outstanding issues and hopes to file
the Annual Filings as soon as possible. 


The Company intends to follow the provisions of the Alternative Information
Guidelines as set out in National Policy 12-203-Cease Trade Orders for
Continuous Disclosure Defaults, for as long as MCR remains in default, including
the issuance of further by-weekly default status reports, each of which will be
issued in the form of a press release. A general cease trade order may be issued
as a result of the Company's default status.


About MCR

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.


FORWARD LOOKING INFORMATION 

Information in this press release that is not current or historical factual
information may constitute forward-looking information within the meaning of
securities laws, and actual results may vary from the forward-looking
information. Implicit in this information are assumptions regarding future
operations, plans, expectations, anticipations, estimates and intentions, such
as the plans to develop the ski resorts in China. These assumptions, although
considered reasonable by MCR at the time of preparation, may prove to be
incorrect. Readers are cautioned that actual future operating results and
economic performance of MCR are subject to a number of risks and uncertainties,
including general economic, market and business conditions, uncertainty relating
to land use rights in China, adverse industry events for the ski and real estate
industries, real estate prices in general in China, MCR's ability to make and
integrate acquisitions, the requirements of recent Chinese regulations relating
to cross-border mergers and acquisitions, the inability to obtain required
approvals or approvals may be subject to conditions that are unacceptable to the
parties, changing industry and government regulation, as well as MCR's ability
to implement its business strategies, dispose of assets or raise sufficient
capital, MCR's ability to obtain additional financial resources and sufficient
working capital, MCR's ability to complete the announced non-brokered private
placement, seasonality, weather conditions, competition, currency fluctuations
and other risks, and could differ materially from what is currently expected as
set out above. Some of the risks and other factors which could cause results to
differ materially from those expressed in the forward-looking information
contained in this press release.


Forward-looking information contained in this press release includes, but is not
limited to, management's expectation to make the Annual Filings.


Forward-looking information contained in this press release is based on current
estimates, expectations and projections, which MCR believes are reasonable as of
the date of this press release. MCR uses forward-looking statements because it
believes such statements provide useful information with respect to the
operation and financial performance of MCR, and cautions readers that the
information may not be appropriate for other purposes. Readers should not place
undue importance on forward-looking information and should not rely upon this
information as of any other date. While MCR may elect to, it does not undertake
to update this information at any particular time except as required by
applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mountain China Resorts (Holding) Limited
Mr. Han Gang
Chief Financial Officer and Director
0086-10-66420868
investor_relations@mountainchinaresorts.com
www.mountainchinaresorts.com

Mountain China Resorts (TSXV:MCG)
Historical Stock Chart
From Apr 2024 to May 2024

Mountain China Resorts (TSXV:MCG)
Historical Stock Chart
From May 2023 to May 2024