First Growth Holdings Ltd.
TSX VENTURE : FGH

First Growth Holdings Ltd.

December 01, 2015 15:22 ET

First Growth Announces the Termination of SOHO Fuxing Plaza Location for Craft Beer Market Restaurant Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Growth Holdings Ltd. (TSX VENTURE:FGH) ("First Growth" or the "Company") announces that it has decided to terminate the Lease Agreement for the SOHO Fuxing Plaza Location ("Fuxing Location") for the Company's first joint venture project with Craft Beer Market ("CBM"). This decision was reached after careful deliberation with CBM and is due to the elevated level of approval requirements for building and operating permits for the Fuxing Location by the Shanghai Municipal Government following the Tianjin explosion in August 2015, which killed over one hundred people. A thorough assessment and analysis conducted by the subsidiary of the Company, Jiayuan (Shanghai) International Trade Co., Ltd. ("Jiayuan") of its current design, drawings and plans for the Fuxing Location for compliance with Shanghai Municipal Government's stricter enforcement and assessment policies suggested that Jiayuan would have to expend significantly more funds and resources and would also likely encounter significant delays. Accordingly, the Company and CBM decided to terminate the lease agreement for the Fuxing Location and focus its attention to a location close by the new Disneyland in Shanghai and to identify other new locations.

Jiayuan has completed certain pre-construction preparations for the Fuxing location including renovation design, equipment bids, and management team training. These preparations, together with the good relationships established with designers, contractors and suppliers, and better understanding of applicable regulatory policies and standards, and the experiences gained from the process will significantly help the Disneyland location to proceed more effectively in the near future.

First Growth is a Canadian-based company that identifies and develops strong brands in the Canadian and international markets. First growth's brands have a global reach in today's modern world with the rapid adoption of social media and advancements in technology. First Growth recognizes the potential for its brands to penetrate international markets and will be focused on developing each one of its brands to its fullest potential.

ON BEHALF OF FIRST GROWTH HOLDINGS LTD.:

Han Liang Pan, Chairman of the Board of Directors

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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