SOURCE: Chilco River Holdings Inc.

August 14, 2007 06:30 ET

Chilco River Holdings, Inc. Projects $11 Million in 2008

LIMA, PERU--(Marketwire - August 14, 2007) - Chilco River Holdings, Inc. (OTCBB: CRVH) announced today that it projects $11 million in revenue and $7 million in EBITDA for 2008 with an expected goal of $14 million and $9 million for 2009. This would represent a substantial increase in the company's revenue from its hotel and gaming operations.

The impetus behind Chilco River Holdings, Inc.'s projected upsurge in revenue is the company's recent completion of the newly renovated Miramar Hotel and Casino. Projected earnings are more than double the previous earnings before the Miramar closed for renovation.

Not included in the estimates are revenues from Chilco River Holdings, Inc. poker site, lottery site, or slot machines sales.

President and CEO of Chilco River Holdings, Inc., Tom Liu, said, "I believe our projections to be a strong estimate of where Chilco River Holdings is headed from an earnings perspective. The opening of the Miramar Hotel and Casino will be a big step for our company and should prove to be an enormously successful investment, based on these projections."

About Chilco

Chilco River Holdings is a Peruvian based, US listed gaming company trading on the OTCBB under the symbol CRVH. CRVH develops, manufactures, and sells its own line of low-priced, proprietary slot machines that are licensed in Venezuela, Columbia, Chile and Peru. The company is also involved in the development of software such as a Spanish and Chinese language interactive poker websites as well as a wireless poker gaming station for use in casinos. CRVH recently reached a $10,000,000 funding agreement with Chung Lien Investment Management Limited to use perfecting the newly renovated Miramar hotel and casino which is owned and operated by Chilco River Holdings. The Miramar is one of only seven licensed casinos in all of Peru.

Safe Harbor -- NO ASSURANCES CAN BE GIVEN THAT ANY PROJECTIONS WILL BE REALIZED. This press release includes forward-looking statements that involve risks and uncertainties, including, but not limited to, product delivery, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect Chilco River Holdings, Inc. future results, please contact the Company directly. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations.

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